passwella.
Menu

JAMB Principles of Accounts 2008 Question 38

Question 38

Partnership Accounts

Given:
Capital: G ₦5 000; T ₦8 000
Drawings: G ₦2 000; T ₦1 000
Interest on capital 10%
Interest on drawings 5%
Find the interest on drawings of G

  1. A.N 50
  2. B.N 100
  3. C.N 200
  4. D.N 250
Show the answer and explanation

Answer: B (N 100)

Explanation

Interest on G's drawings = 5% × 2 000 = ₦100.