Multiple Choice Questions on A and B are partners B draws a fixed amount at the end of every month Interest on drawings is charge........... for Commerce 12th Preparation

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Multiple Choice Questions

A and B are partners B draws a fixed amount at the end of every month Interest on drawings is charge...........

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    A and B are partners. B draws a fixed amount at the end of every month. Interest on drawings is charged @15% p.a. At the end of the year interest on B’s drawings amounts to Rs8,250. Drawings of B were :

    Rs12,000 p.m.

    Incorrect Answer

    Rs10,000 p.m.

    Correct Answer

    Rs9,000 p.m.

    Incorrect Answer

    Rs8,000 p.m.

    Incorrect Answer
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    Explanation:

    - B draws a fixed amount at the end of each month.

    - Interest is calculated at 15% per annum on these monthly drawings.

    - The total interest charged for the year is Rs 8,250.

    Average period = 11 + 0/2 = 5.5 months

    According to question

     Interest = Drawing x 15% x 5.5/12 

    8,250 = Drawings x 15% x 5.5/12

    Drawings = (8,250 x100x 12)/ (15 x 5.5) = 1,20,000 per annum or 10,000 per month

    By: santosh
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