Read the hypothetical text and answer the following questions. :X and Y are partners in a firm sharing profits equally. On 1st April, 2020, the capitals of the partners were ₹ 2,00,000 and ₹ 1,50,000 respectively. The Profit and Loss Appropriation Account of the firm showed a net profit of ₹ 3,75,000 for the year ended 31st March, 2021. The Partnership Deed provided the following:i) Transfer 10% of distributable profit to Reserve Fund.ii) Interest on capital @ 6% p.a.iii) Interest on drawings @ 6% p.a. Drawings for X and Y were ₹ 40,000 and ₹ 30,000 respectively.Q1. What is the average period for which interest on drawings will be calculated? a) 3 months b) 6 months c) 9 months d) 12 months Q2. Total interest on capital provided is ……………………….. a) ₹ 9,000 b) ₹ 12,000 c) ₹ 21,000 d) ₹ 18,000 Q3. The lesser interest on drawings charged is …………………. a) ₹ 900 b) ₹ 1,200 c) ₹ 2,100 d) ₹ 1,500 Q4. The amount is to be transferred to Reserve Fund is ……………… a) ₹ 37,500 b) ₹ 35,610 c) ₹ 37,710 d) ₹ 36,400