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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 ______.
Options
6 months
7 ½ months
4 ½ months
4 months
MCQ
Fill in the Blanks
Solution
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 4 ½ months.
Explanation:
Average Period
= `("Time Left After the first Drawings + Time Left After the Last Drawings")/2`
= `(9 + 0)/2`
= 4`1/2` months
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