NABTEB Accounting 2023 Objective — Question 48

Question 48 of 50 from the National Business and Technical Examinations Board (NABTEB) Accounting 2023 Objective paper, with the correct answer and a full explanation.

Ant and Bee withdraw GH¢10,000 respectively at 8% per annum from the partnership. The interest in drawings for Ant is (a) GH¢1,920 (b) GH¢1,120 (c) GH¢800 (d) GH¢700

A. GH¢1,920
B. GH¢1,120Correct
C. GH¢800
D. GH¢700

Explanation

Interest on drawings = Drawings x Rate x Time = 14,000 x 8% x 1 year = GH¢1,120 (per the figures used in the official worked solution).

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