There are ten partners in a firm. They share profit and loss in their capital ratio. All partners withdrew same amount but conditions are different. They are as follow:
1. A withdrew on the last day every month.
2. B withdrew on mid of every month.
3. C withdrew on the first day of every month.
4. D withdrew on first day of each quarter.
5. E withdrew on the last day of each quarter.
6. F withdrew on first day of each month upto six months only.
7. G withdrew on last day of last six months only.
8. H withdrew on the first day of half yearly.
9. I withdrew on last day of last three quarters only.
10. J withdrew on first day of every alternate month till year end.
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Answer:
1. If the partner withdraws fixed amount on the end of every month, then the intrest charged is for 5.5 months(average period) on the total amount.
2. If a fixed amount is withdrawn on the middle day of every month of the calendar year, the interest on the total amount of drawings will be calculated for 6 months. Average period will be calculated as:-
= Months left after first drawing + months left after last drawing
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2
= 11.5 + 0.5
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2
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