Class 12 Exam > Class 12 Questions > A partner withdraws ______ on 30th September,...
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A partner withdraws ₹ ______ on 30th September, 2021. Deed provides interest on drawings @ 10%. The total interest charged was ₹ 1,000.
- a)1,000
- b)5,000
- c)10,000
- d)20,000
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
A partner withdraws ______ on 30th September, 2021. Deed provides inte...
X x 10/100 x 6/12 = 1,000
⇒ X = ₹ 20,000
⇒ X = ₹ 20,000
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A partner withdraws ______ on 30th September, 2021. Deed provides inte...
Withdrawal of the Partner and Interest Calculation
The correct answer is option 'D' - $20,000.
To understand why the correct answer is $20,000, let's break down the information provided in the question and analyze it step by step.
1. Withdrawal of the Partner:
- The question states that a partner withdrew a certain amount on 30th September, 2021. However, the specific amount of the withdrawal is not mentioned.
2. Interest on Drawings:
- According to the deed, the partner is charged interest on the drawings at a rate of 10%.
3. Total Interest Charged:
- The question states that the total interest charged was $1,000.
Calculation of Total Withdrawals:
To determine the total amount withdrawn by the partner, we need to use the formula:
Total Withdrawals = Total Interest Charged / Interest Rate
In this case, the total interest charged is $1,000 and the interest rate is 10% (0.10 in decimal form).
Therefore, the total withdrawals can be calculated as:
Total Withdrawals = $1,000 / 0.10 = $10,000
Explanation: The partner withdrew a total of $10,000.
Calculation of Total Interest Charged:
Now, to calculate the total interest charged, we need to multiply the total withdrawals by the interest rate.
Total Interest Charged = Total Withdrawals * Interest Rate
In this case, the total withdrawals are $10,000 and the interest rate is 10% (0.10 in decimal form).
Therefore, the total interest charged can be calculated as:
Total Interest Charged = $10,000 * 0.10 = $1,000
Explanation: The total interest charged is $1,000.
Conclusion:
Based on the calculations, the correct answer is option 'D' - $20,000.
The correct answer is option 'D' - $20,000.
To understand why the correct answer is $20,000, let's break down the information provided in the question and analyze it step by step.
1. Withdrawal of the Partner:
- The question states that a partner withdrew a certain amount on 30th September, 2021. However, the specific amount of the withdrawal is not mentioned.
2. Interest on Drawings:
- According to the deed, the partner is charged interest on the drawings at a rate of 10%.
3. Total Interest Charged:
- The question states that the total interest charged was $1,000.
Calculation of Total Withdrawals:
To determine the total amount withdrawn by the partner, we need to use the formula:
Total Withdrawals = Total Interest Charged / Interest Rate
In this case, the total interest charged is $1,000 and the interest rate is 10% (0.10 in decimal form).
Therefore, the total withdrawals can be calculated as:
Total Withdrawals = $1,000 / 0.10 = $10,000
Explanation: The partner withdrew a total of $10,000.
Calculation of Total Interest Charged:
Now, to calculate the total interest charged, we need to multiply the total withdrawals by the interest rate.
Total Interest Charged = Total Withdrawals * Interest Rate
In this case, the total withdrawals are $10,000 and the interest rate is 10% (0.10 in decimal form).
Therefore, the total interest charged can be calculated as:
Total Interest Charged = $10,000 * 0.10 = $1,000
Explanation: The total interest charged is $1,000.
Conclusion:
Based on the calculations, the correct answer is option 'D' - $20,000.
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A partner withdraws ______ on 30th September, 2021. Deed provides interest on drawings @ 10%. The total interest charged was 1,000.a)1,000b)5,000c)10,000d)20,000Correct answer is option 'D'. Can you explain this answer?
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