Question

 X is a partner in a firm. He withdrew regularly ₹1,000 at the beginning of every month for the six months ending 31st March, 2019. If interest on drawings is charged @ 8% p.a. the interest charged will be :​

Answer 1

Given:

X is a partner in a firm

He withdrew regularly ₹1,000 at the beginning of every month for the six months ending 31st March 2019

If interest on drawings is charged @ 8% p.a.

To find:

The interest charged will be

Solution:

The amount withdrawn by X every month was = ₹ 1000

No. of drawings = 6

The total amount withdrawn by X was = ₹ 1000 × 6 = ₹ 6000

The rate of interest = 8 %

Since the amount is withdrawn at the beginning of every month for 6 months ending 31st March 2019, so we can calculate the average period of drawings as:

Average Time is,

= $\frac{[Time\:left\:after\:first\:drawing] \:+\: [Time\:left\:after\:last\:drawing]}{2}$

= $\frac{6\: +\: 1}{2}$

= $\frac{7}{2}$

= $3.5\:months$

Now, we will use the following formula to find the interest:

$Interest = [Total \:amount \:of\:drawings]\times [\frac{Rate}{100} ]\times [\frac{Average\:Time}{12}]$

By substituting the given values in the above formula of interest, we get

$Interest = [6000]\times [\frac{8}{100} ]\times [\frac{3.5}{12}] = [6000]\times [0.08 ]\times [0.291] = 139.68$ ≈ $\bold{140}$

Thus, the interest charged will be ₹ 140.

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Also View:

gopal is a partner in a firm .he withdrew Rs.1,000 p.m regularly on the first day of every month during tge year ended 31 March,2018 for personal expenses . if intrest on drwaing is charged @15%p.a .clalculate the intrest on the drwaing of gopal.​

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A and B are partners sharing profits equally. A drew regularly ₹ 4,000 at the end of every month for six months ended 30th September, 2018. Calculate interest on drawings @ 5% p.a. for a period of six months.

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Answer 2

Answer:

1000 × 6 = 6000

month= 6 +1/2 = 3•5

6000 × 8/100 × 3•5/12

Answer= 140