12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

X and Y are partners. X draws fixed amount at the end of every month. Interest on drawings is charged @ 15% p.a At the end of the year, interest on drawings of Y amounts to Rs.4,125. Drawings of X will be:

A) Rs.6 000 p.m.

B) Rs.5,000 p.m.

C) Rs.4500 p.m.

D) Rs.4,000 p.m.

Correct Answer: B

Solution :

[b] Rs.5,000 p.m.

Hint: Interest on Drawings = Drawings \[\times \]\[\frac{Rate}{100}\times \frac{5.5}{12}\]

\[4125=x\times \frac{15}{100}\times \frac{5.5}{12}\]

X= Rs.60,000 or Rs.50,000 p.m