Multiple Choice Questions on Anuradha is a partner in a firm She withdrew 6 000 in the beginning of each quarter during the year ........... for Commerce 12th Preparation

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Multiple Choice Questions

Anuradha is a partner in a firm She withdrew 6 000 in the beginning of each quarter during the year ...........

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    Anuradha is a partner in a firm. She withdrew 6,000 in the beginning of each quarter during the year ended 31st March, 2019. Interest on her drawings @ 10% p.a. will be :

    900

    Incorrect Answer

    1,200

    Incorrect Answer

    1,500

    Correct Answer

    600

    Incorrect Answer
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    Explanation:

    - Anuradha made withdrawals of ?6,000 at the beginning of each quarter, totaling ?24,000 for the year.

    - Interest is calculated using the formula: Interest = Total Withdrawal × Interest Rate × Average Time Period.

    - With quarterly withdrawals, the average time interest is calculated on is 7.5 months for a year.

    - Interest = ?24,000 × 10% × (7.5/12) = ?1,500.

    - Therefore, the correct option is:

    - Option 3: 1,500

    .

    By: santosh
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