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

  • question_answer
    Y is a partner in a firm. He withdraw regularly Rs.3,000 at the end of every month for the six months ending 31st March, 2019. If interest on drawings is charged @ 10% p.a. the interest charged will be:

    A) Rs.375                          

    B) Rs.450    

    C) Rs.525                          

    D) Rs.900

    Correct Answer: A

    Solution :

    [a] Rs.375
    Hint: Interest on Drawings \[=\left( 3,000\times 6 \right)\times \frac{2.5}{12}\times \frac{10}{100}=\operatorname{Rs}\,375\]
     


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