Use the information below to answer question Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1. The interest on joy's drawing is?

Use the information below to answer question

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.

The interest on joy's drawing is?

A N6.00
B N7.25
C N9.00
D N9.75

jamb 2000 accounting

The correct answer is D. N9.75

No explanation given

Previous question Next question