{"id":52876,"date":"2024-04-15T23:45:45","date_gmt":"2024-04-15T23:45:45","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=52876"},"modified":"2024-04-15T23:45:45","modified_gmt":"2024-04-15T23:45:45","slug":"x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum\/","title":{"rendered":"X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15th day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 1,800 and Rs. 1,200&#8243; option2=&#8221;Rs. 900 and Rs. 600&#8243; option3=&#8221;Rs. 18,000 and Rs. 12,000&#8243; option4=&#8221;Rs. 150 and Rs. 100&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. Rs. 1,800 and Rs. 1,200.<\/p>\n<p>Interest on drawings is calculated on the average balance of drawings during the year. The average balance of drawings for X is Rs. 1,500 x 12 \/ 2 = Rs. 9,000. The interest on this amount at 10% per annum is Rs. 9,000 x 10\/100 = Rs. 900. The average balance of drawings for Y is Rs. 1,000 x 12 \/ 2 = Rs. 6,000. The interest on this amount at 10% per annum is Rs. 6,000 x 10\/100 = Rs. 600.<\/p>\n<p>Option B is incorrect because it is the total interest on drawings for both X and Y. Option C is incorrect because it is the interest on drawings at 10% per annum for the entire year. Option D is incorrect because it is the interest on drawings for one month at 10% per annum.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 1,800 and Rs. 1,200&#8243; option2=&#8221;Rs. 900 and Rs. 600&#8243; option3=&#8221;Rs. 18,000 and Rs. 12,000&#8243; option4=&#8221;Rs. 150 and Rs. 100&#8243; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-52876","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15th day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15th day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Rs. 1,800 and Rs. 1,200&#8243; option2=&#8221;Rs. 900 and Rs. 600&#8243; option3=&#8221;Rs. 18,000 and Rs. 12,000&#8243; option4=&#8221;Rs. 150 and Rs. 100&#8243; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T23:45:45+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15th day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum\/","og_locale":"en_US","og_type":"article","og_title":"X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15th day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?","og_description":"[amp_mcq option1=&#8221;Rs. 1,800 and Rs. 1,200&#8243; option2=&#8221;Rs. 900 and Rs. 600&#8243; option3=&#8221;Rs. 18,000 and Rs. 12,000&#8243; option4=&#8221;Rs. 150 and Rs. 100&#8243; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T23:45:45+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum\/","url":"https:\/\/exam.pscnotes.com\/mcq\/x-and-y-are-partners-in-a-firm-they-withdrew-rs-1500-and-rs-1000-respectively-on-15th-day-of-every-month-for-all-the-twelve-months-during-2009-interest-on-drawings-is-chargable-10-per-annum\/","name":"X and Y are partners in a firm. 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