Multiple Choice Questions on Sushil is a partner in a firm He withdrew 4 000 per month in the middle of every month during the ye........... for Commerce 12th Preparation

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Multiple Choice Questions

Sushil is a partner in a firm He withdrew 4 000 per month in the middle of every month during the ye...........

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    Sushil is a partner in a firm. He withdrew 4,000 per month in the middle of every month during the year ended 31st March, 2019. If interest on drawings is charged @ 8% p.a. the interest charged will be :

    2,080

    Incorrect Answer

    1,760

    Incorrect Answer

    3,840

    Incorrect Answer

    1,920

    Correct Answer
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    Explanation:

    - Sushil withdrew 4,000 every month in the middle of the month.

    - Since withdrawals happen every month, we calculate average interest.

    - The total annual withdrawal is 4,000 x 12 = 48,000.

    - For withdrawals at the middle of each month, the time period is 6/12 of a year.

    - Interest = Total withdrawal x Rate x Time = 48,000 x 8% x (6/12).

    - This simplifies to: Interest = 48,000 x 0.08 x 0.5 = 1,920.

    By: santosh
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