Use the following information to answer the giv... - WAEC Accounting 1993 Question
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \ & \text{ - Johnson} & N10,000 \ Drawings & \text{ - John} & 2,000 \ & \text{ - Johnson} & 3,000 \ \text{Interest on capital} & & \text{5%} \ \text{Interest on drawings} & & \text{10%} \ Profit & & N6,000\end{array}\)
Interest on Johnson's drawing is?
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \ & \text{ - Johnson} & N10,000 \ Drawings & \text{ - John} & 2,000 \ & \text{ - Johnson} & 3,000 \ \text{Interest on capital} & & \text{5%} \ \text{Interest on drawings} & & \text{10%} \ Profit & & N6,000\end{array}\)
Interest on Johnson's drawing is?
A
N500
B
N300
C
N200
D
N150
correct option: b
Please share this, thanks:
Add your answer
No responses