Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:

\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
Interest on Johnson's drawing is?

Similar Questions

A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 w...

The purchases of a typewriter for the office was debited to purchases account. This is an error of ...

Given: ....................January.............December Assets................N28,320................

Which of the following accounts has a credit balance? ...

The process of allocating the cost of an intangible assets over its useful life is known as ...

A system where a separate cash book is maintained for small payments is ...

Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit ...

Rent owed by a department is treated in the Balance sheet as ...

Control accounts help to verify the arithmetic accuracy of the postings from the ...

Which of the following entries would be made for goods bought and paid for immediately? Debit ...