## 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

Question

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

1. ### 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The amount withdrawn by X every month was = ₹ 1000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The total amount withdrawn by X was = ₹ 1000 × 6 = ₹ 6000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Since the amount is withdrawn at the beginning of every month for 6 months ending 31st March 2019, so we can calculate the average period of drawings as: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,

=

=

=

=

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

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

Thus, the interest charged will be ₹ 140.

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### Also View:

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