Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.

The interest on joy's drawing is

Similar Questions

In company account, dividend payments are effected in which of the following accounts? ...

When a business is purchased from a sole trader, the excess of the purchase price over the net asset...

The financial statement which is an expression of the accounting equation is the ...

Which of the following is does not relate to a non-for-profit-making organization? ...

When a fixed asset is fully depreciated, its net book value is ...

Given: N Drawings 3,500 Net loss 2,500 Capital 1.1,2007 35,000 Additional capital 10,000 The ...

A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% pe...

\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpr...

A reserve is an amount  ...

Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partn...