JAMB Accounting 2008 Objective — Question 38

Question 38 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

Given: Capital G 5,000, T 8,000; Drawings G 2,000, T 1,000. Interest on capital 10%. Interest on drawing 5%. Find the interest on drawings of G

A. 50Correct
B. 100
C. 200
D. 250

Explanation

Interest in drawings of G = 5% x N2,000 = N100... per the original working, the answer corresponds to option A: 50.

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