Use the following information to answer the question
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
- GH⊄ 800
- GH⊄ 1,920
-
GH⊄ 1,120
- GH⊄ 700
The correct answer is: C
Explanation
Interest on Drawings for Ant = GH⊄ 14,000 x 8%
Interest on Drawings for Ant = GH⊄ 14,000 x 0.08
Interest on Drawings for Ant = GH⊄ 1,120