Multiple Choice Questions on X and Y are partners X draws a fixed amount at the beginning of every month Interest on drawings is ........... for Commerce 12th Preparation

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Multiple Choice Questions

X and Y are partners X draws a fixed amount at the beginning of every month Interest on drawings is ...........

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    X and Y are partners. X draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on X’s drawings amounts to *Rs2,600. Drawings of A’were :

    Rs8,000 p.m.

    Incorrect Answer

    Rs7,000 p.m.

    Incorrect Answer

    Rs6,000 p.m.

    Incorrect Answer

    Rs5,000 p.m.

    Correct Answer
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    Explanation:

    - X is a partner who withdraws a fixed amount at the start of every month.

    - Interest on these drawings is calculated at a rate of 8% per annum.

    - Total interest paid by X at the end of the year is Rs 2,600.

    - To find the correct monthly withdrawal amount, we use the formula for interest on monthly withdrawals: \

    Interest = Total Drawings × Rate × Time

    - Calculate monthly options:

    1. Option 1: Rs 8,000 p.m. \

    Annual Drawing = Rs 96,000; Interest = Rs 3,840

    2. Option 2: Rs 7,000 p.m. \

    Annual Drawing = Rs 84,000; Interest = Rs 3,360

    3. Option 3: Rs 6,000 p.m. \

    Annual Drawing = Rs 72,000; Interest = Rs 2,880

    4. Option 4: Rs 5,000 p.m. \

    Annual Drawing = Rs 60,000; Interest = Rs 2,600

    By: santosh
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