The interest on Joy’s drawing is___________
Use the information to answer the questions
Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were:
Rakiya, #200 on March 31 and #300 on September 30.
Joy, #100 on April 1 and #240 on July 1.
The interest on Joy’s drawing is___________
A #511.25 debit
B #500.00 credit
C #349.75 debit
D #340.00 credit
Answer is C
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