JAMB Accounting 2011 Objective — Question 40

Question 40 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

[Same partnership information as above] The interest on Keme's drawings is calculated as

A. A. #200
B. B. #150
C. C. #300
D. D. #100Correct

Explanation

Per the source answer key, interest on Keme's drawings is calculated as #100 (note: applying 10% to Keme's #2,000 drawings would give #200; the source's worked calculation shows a lower rate applied, resulting in the stated answer of #100).

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2011 Objective More Accounting past papers