The Partnership Agreement of X and Y Provides That Interest

question 3

Multiple Choice

The partnership agreement of X and Y provides that interest at 5% per annum is to be charged on partners' drawings.During year ended 31 December 2011 drawings by X were:
$
1 February 2011 2400
1 June 2011 4800
1 August 2011 960
What is the total amount of interest on drawings chargeable to X's current account for the year?

• A)$300
• B)$270
• C)$100
• D)$200

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Definitions:

Nonaffiliation

The state of not being formally associated with or belonging to an organized group, religion, or political party.

Pilgrimage

A religiously inspired journey to a site believed to be metaphysically significant and typically demanding personal sacrifices from travelers.

Metaphysically Significant

Referring to concepts or phenomena that are beyond the physical realm and have deep existential or spiritual meaning.

Enlightenment

A philosophical movement in the 18th century that emphasized reason, individualism, and skepticism towards traditional doctrines, significantly influencing modern thought.