Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quarter; commencing from end of the first - Accountancy MCQ CUET Accountancy 2022 20 July Shift 1 2026 | ExamTest.live

mediumMCQCUET Accountancy 2022 20 July Shift 12026Accountancy

1 mark

Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quarter; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be:

Solution & Step-by-step Explanation

If equal amounts are withdrawn at the end of each quarter, the average period is 4.5 months. Let the total drawings be X .Interest = X \times \frac{8}{100} \times \frac{4.5}{12} = 3000 . X \times 0.03 = 3000 ⟹ X = 1, 00, 000 .Since there are 4 quarters, the drawings per quarter = 1, 00, 000/4 = Rs. 25,000.

Try it yourself before checking the explanation above.

Interest on drawings of a partner has been calculated Rs. 3,000 @ 8% p.a. who has drawn equal amount in each quarter; commencing from end of the first quarter throughout the year. The amount of drawing of partner per quarter would be:

Rs. 25,000

Rs. 1,00,000

Rs. 60,000

Rs. 15,000

Practice with timed mock tests and track your performance across Accountancy.