Tea and Cup are into a partnership business. Interests on drawings made by partners are...
FINANCIAL
JAMB 2018
Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is #70000 and current balance is #50000. He withdrew the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is #100000 and current balance is #40000. He made no drawings during the period. What is the interest on the drawings of Tea?
- A. #705
- B. #500
- C. #1000
- D. #10000
Correct Answer: A. #705
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