Home › Tamil Nadu HSC (Class 12) › accountancy › Accounts of Partnership Firms - Fundamentals › A partner withdraws a fixed sum at the END of ea…
A partner withdraws a fixed sum at the END of each quarter. The average period is:
A7.5 months
B6 months
C4.5 months
D3 months
Answer & Solution
Correct answer: C. 4.5 months
1. For quarterly drawings the first withdrawal at the end of the first quarter leaves nine months to the year end.
2. The last withdrawal falls on the closing date itself, leaving nil months.
3. The average period is therefore nine plus nil, divided by two, which is 4.5 months.
4. Quarterly drawings at the beginning of each quarter give 7.5 months, and in the middle give 6 months.
5. Option D is the half-yearly at the end figure, which is the neighbouring row of the same table.
_Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 3 "Accounts of Partnership Firms - Fundamentals", §3.7.4_
Related questions
A firm follows the fixed capital method. Which combination correctly describes the closingWhich statement about a partner's loan to the firm is correct?Net profit is Rs 18,000 before interest on capital and drawings. Interest on capital totalProfit after interest on capital and salary is Rs 2,20,000. A partner is entitled to 10 peNet profit before any commission is Rs 1,10,000. One partner gets 10 per cent of profit beOpening capital is Rs 60,000 and a further Rs 10,000 is introduced on 1 April in a year enCapitals are Rs 4,00,000 and Rs 2,00,000 and profits are shared 3:2. Profit before interesA partner withdraws Rs 4,000 at the end of each quarter. Interest on drawings is 6 per cen