The interest on Kemi’s capital is?
Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital – Keme………….N20 000
…….. – Kemi………….N10 000
Drawings – Keme………….N2 000
…….. – Kemi………….N3 000
Profit………………….N6 000
Interest on capital………5%
Interest on drawings……..10%
The interest on Kemi’s capital is?
A N1 000
B N2 000
C N500
D N3 000
Answer is C
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