Question

Ruchika and Harshita were partners in a firm. Ruchika had withdrawn Rs.9,000 at the end of each quarter throughout the year. The interest to be charged on Ruchika’s drawings at 6% p.a. will be:

• A. Rs.540
• B. Rs.2,160
• C. Rs.1,080
• D. Rs.810

Hint:

For periodic drawings, the interest calculation requires the total amount drawn, rate of interest, and average period (in months) converted to years.

Answer 1

The Correct Option is D

The total annual drawings are: \[ {Total Drawings} = Rs.9,000 \times 4 = Rs.36,000. \] Step 1: Calculate the average period:
For quarterly drawings made at the end of each quarter, the average period is: \[ {Average Period} = \frac{3 + 6 + 9 + 12}{4} = 7.5 { months} = \frac{7.5}{12} { years}. \] Step 2: Calculate interest on drawings:
The formula for interest on drawings is: \[ {Interest on Drawings} = {Total Drawings} \times {Rate of Interest} \times \frac{ {Average Period}}{12}. \] Substitute the values: \[ {Interest} = Rs.36,000 \times \frac{6}{100} \times \frac{7.5}{12}. \] Simplify: \[ {Interest} = Rs.36,000 \times 0.06 \times 0.625 = Rs.810. \] Conclusion:
The interest to be charged on Ruchika’s drawings is \( Rs.810 \).