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Use the following information to answer the question Ant and Bee withdrew GH⊄ 14,000 and...

Accounts - Principles of Accounts
WAEC 2023

Use the following information to answer the question

Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.

The interest on drawings for Ant is

  • A. GH⊄ 800
  • B. GH⊄ 1,920
  • C. GH⊄ 1,120
  • D. GH⊄ 700
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Correct Answer: Option C
Explanation

Interest on Drawings for Ant = GH⊄ 14,000 x 8%

Interest on Drawings for Ant = GH⊄ 14,000 x 0.08

Interest on Drawings for Ant = GH⊄ 1,120

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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts