A, B and C Are Partners, Their Partnership Deed Provides For Interest On Drawings at 8% Per Annum - Bzziii.com

A, B and C are partners, their partnership deed provides for interest on drawings at 8% per annum. B withdrew a fixed amount in the middle of every month and his interest on drawings amounted to ₹4,800 at the end of the year. What was the amount of his monthly drawings? 

(A) ₹10,000. 
(B) ₹5,000. 
(C) ₹1,20,000. 
(D) ₹48,000.

(A) ₹10,000. 

Explanation:

Let Partner B's per month drawings = D

Total months in a year = 12

Total drawings made by B during the year = 12 × D = 12D

Interest on drawing = 8,250


Average period for interest on drawings=

`frac{"months remaining after first drawing x months remaining after last drawing"}{2}`

= `"(11+0) "/"2"`

= 5.5 months

Calculations of Interest on drawings = (annual drawing × Rate of interest × `"Average Profit"/"12"`

= 8,250 = 12D × 15 × `"5.5"/"12"`

= D = 10,000

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CBSE Class 12 Accountancy Sample Paper-2022