| Read the following hypothetical text and answer the given questions: |
| Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5:3:2. Their fixed capitals on 1st April, 2014 were Rs. 3,00,000, Rs. 4,00,000 and Rs. 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this, Seema withdrew Rs. 20,000 from the firm on 15th September, 2014. Tanuja instead of withdrawing |
| cash from the firm, took garments amounting to Rs. 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs. 2,00,000 from her capital on 1st January, 2015 and provided a mobile medical van in the flood affected area |
| The partnership deed provides for charging interest on drawings @ 6% per annum. Interest on capital was allowed @ 10%. |
| Based on the above information you are required to answer the following questions: |
| State whether the following is true or false: |
| 'Interest will not be charged on Tripti's drawings.' |
A) True
B) False
C) Partly true
D) Partly false
Correct Answer: A
Solution :
[a] True
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