X is a partner in a firm. He withdrew regularly ₹1,000 at the beginning of every month for the six months ending 31st March, 2019. If inter

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 X is a partner in a firm. He withdrew regularly ₹1,000 at the beginning of every month for the six months ending 31st March, 2019. If interest on drawings is charged @ 8% p.a. the interest charged will be :​

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Caroline 7 days 2021-09-10T20:24:57+00:00 1 Answer 0 views 0

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    2021-09-10T20:26:05+00:00

    Given:

    X is a partner in a firm

    He withdrew regularly ₹1,000 at the beginning of every month for the six months ending 31st March 2019

    If interest on drawings is charged @ 8% p.a.

    To find:

    The interest charged will be

    Solution:

    The amount withdrawn by X every month was = ₹ 1000

    No. of drawings = 6

    The total amount withdrawn by X was = ₹ 1000 × 6 = ₹ 6000

    The rate of interest = 8 %

    Since the amount is withdrawn at the beginning of every month for 6 months ending 31st March 2019, so we can calculate the average period of drawings as:

    Average Time is,

    = \frac{[Time\:left\:after\:first\:drawing] \:+\: [Time\:left\:after\:last\:drawing]}{2}

    = \frac{6\: +\: 1}{2}

    = \frac{7}{2}

    = 3.5\:months

    Now, we will use the following formula to find the interest:

    Interest = [Total \:amount \:of\:drawings]\times [\frac{Rate}{100} ]\times [\frac{Average\:Time}{12}]

    By substituting the given values in the above formula of interest, we get

    Interest = [6000]\times [\frac{8}{100} ]\times [\frac{3.5}{12}] = [6000]\times [0.08 ]\times [0.291] = 139.68\bold{140}

    Thus, the interest charged will be ₹ 140.

    ———————————————————————————————–

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