The partnership agreement of x and y provides that interest at 5% per annual is to be charged on partners drawings . During year ended 31 December 2009 drawings by x were: 1 February 2009 $2400, 1 June 2009 $4800, August 2009 $960 . What is the total amount of interest on drawings chargeable to x's current account for the year?

The partnership agreement of x and y provides that interest at 5% per annual is to be charged on partners drawings . During year ended 31 December 2009 drawings by x were: 1 February 2009 $2400, 1 June 2009 $4800, August 2009 $960 . What is the total amount of interest on drawings chargeable to x's current account for the year?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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