Use the following information to answer the question Ant and Bee withdrew GHC 14,000 and
FINANCIAL
WAEC 2023
Use the following information to answer the question
Ant and Bee withdrew GHC 14,000 and GHC 10,000 respectively at 8% per annum from the partnership.
The interest on drawings for Ant is
- A. GHC 800
- B. GHC 1,920
- C. GHC 1,120
- D. GHC 700
Correct Answer: C. GHC 1,120
Explanation
Interest on Drawings for Ant = GHC 14,000 x 8%
Interest on Drawings for Ant = GHC 14,000 x 0.08
Interest on Drawings for Ant = GHC 1,120
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