Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?

Similar Questions

Profit distributed to ordinary shareholders of a limited liability company is ...

Rent receivable is a ...

Prof. Bush had two accounts with Olive Brother agreed to have only one balance outstanding. By which...

BALANCE SHEET AS AT 31st DECEMBER, 2010 \(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \te...

Given: Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corp...

Goods bought from Sanmah for Le1,600 was entered into Shamail's Account. This is an error o...

Stock of raw materials (1st January) N3000 Direct wages N2500 Direct expenses N1000 Factory overh...

A fund established for the payment of minor expenses is ...

Agreement between partners is contained in the partnership ...

Dangote acquired Dantata’s business for N350,000. The total asset work were N820,000 and liabi...