| Read the following hypothetical text and answer the given questions: |
| Sona and Mona are partners in a firm engaged in the production and sale of woolen clothing. Their capital contribution was Rs. 10,00,000 each with profit sharing ratio of 1 : 1. Nina joined as a partner without capital for 1/3rd share in the profits of the firm. She is blind by birth but having good management qualities. |
| They decided to sold products at a discount of 15% on maximum retail price to the people living below poverty line. They also decided to open new retail shops in the naxal affected areas of the country. |
| New jobs of sales persons will be reserved for the girls belonging to scheduled castes and scheduled tribes. |
| The new partnership agreement provides for the following: |
| (i) 10% of the trading profit will be donated to Prime Minister Relief Fund |
| (ii) 10% of the trading profit will be donated to National Blind Relief Fund |
| (iii) Sona withdrew 5,000 per month at the beginning of every month and Mona withdrew Rs.5,000 per month at the end of every month. Interest is charged on Sona's and Mona's drawings @ 10% p.a. |
| (iv) 10% of distributable profit will be transferred to Reserve Fund |
| Trading profit for the year 31 st March, 2020 was Rs. 10,00,000. |
| Based on the above information you are required to answer the following questions: |
| Interest charged on Sona's and Mona's drawings will be: |
A) Rs. 2,750, Rs. 3,250
B) Rs. 6,000, Rs. 6,000
C) Rs. 3,250, Rs. 2,750
D) Rs. 3,000, Rs. 3,000
Correct Answer: C
Solution :
[c] Rs. 3,250, Rs. 2,750| Hint: Interest on Drawings: |
| Sona = (5,000 \[\times \] 12) \[\times \] 10% \[\times \] 6.5/12 = Rs. 3,250 |
| Mona = (5,000 \[\times \] 12) \[\times \] 10% \[\times \] 5.5/12 =Rs. 2,750 |
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