Question

Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15% p.a. At the end of the year, interest on Mishu’s drawings amounted to ₹9,000. Interest on drawings was charged on drawings of Mishu for:

• A. 6 months
• B. 7½ months
• C. 4½ months
• D. 4 months

Hint:

Always verify the actual interest charged to confirm the average period when it deviates from standard assumptions.

Answer 1

The Correct Option is C

When a partner withdraws a fixed amount at the end of every quarter, the average period for calculating interest is generally 7½ months. However, in this specific case, interest charged on Mishu's drawings amounted to ₹9,000, which reflects an average period of 4½ months instead of the usual average of 7½ months. 
Step 1: Verify the given interest amount:
Interest on drawings formula: \[ \text{Interest} = \text{Total Drawings} \times \text{Rate of Interest} \times \frac{\text{Average Period}}{12}. \] Given that the total interest is ₹9,000 and the rate of interest is \(15\%\), the shorter average period of 4½ months can be confirmed based on the actual interest charged. 
Conclusion:
Interest on Mishu's drawings was calculated for an average period of \(4½ \ \text{months}\).