NECO Accounting 2023 Objective — Question 49

Question 49 of 50 from the National Examinations Council (NECO) Accounting 2023 Objective paper, with the correct answer and a full explanation.

Using the same partnership information, the total interest in drawings to be charged to the profit and loss appropriation account is (a) GH¢1,920 (b) GH¢1,120 (c) GH¢800 (d) GH¢700

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

Explanation

Total interest on drawings = Interest on Ant's drawings + Interest on Bee's drawings = GH¢1,120 + GH¢800 = GH¢1,920.

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