WAEC Accounting 2023 Objective — Question 48
Question 48 of 50 from the West African Examinations Council (WAEC) Accounting 2023 Objective paper, with the correct answer and a full explanation.
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(Ant and Bee withdrew GH¢14,000 and GH¢10,000 respectively at 8% per annum from the partnership.) The interest on drawings for Ant is
- A. GH¢ 1,920.
- B. GH¢ 1,120.Correct
- C. GH¢ 800.
- D. GH¢ 700.
Explanation
Interest on Ant's drawings = 8% × 14,000 = GH¢1,120.
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