Charu and Suruchi are partners in a firm. Suruchi withdrew ₹ 12,000 in the beginning of each quarter and interest on drawings

Calculate the rate of interest on drawings in the following cases:

(i) Charu and Suruchi are partners in a firm. Suruchi withdrew ₹ 12,000 in the beginning of each quarter and interest on drawings was calculated at ₹ 2,700 at the end of the year.

(ii) Yamini and Sonia are partners in a firm. Sonia withdrew ₹ 12,000 at the end of each quarter and interest on drawings was calculated at ₹ 1,440 at the end of the year.

[Ans. Case (i) 9% p.a.; and Case (ii) 8% p.a.]