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WAEC Financial Accounting 2023 Question 48

Question 48

Partnership Accounts

Use the following information to answer questions 48 and 49.
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

  1. A.GH¢1,920.
  2. B.GH¢1,120.
  3. C.GH¢800.
  4. D.GH¢700.
Show the answer and explanation

Answer: B (GH¢1,120.)

Explanation

8% × 14,000 = GH¢1,120.