The Partnership Agreement of X and Y Provides That Interest $\begin{array}{lr}&\$\\1 \text { February 2011 } & 2400 \\1 \text { June 2011 } & 4800 \\1 \text { August 2011 } & 960\end{array}$

question 26

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: $\begin{array}{lr}&\$\\1 \text { February 2011 } & 2400 \\1 \text { June 2011 } & 4800 \\1 \text { August 2011 } & 960\end{array}$ 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

---

Definitions:

Embezzling Funds

The act of wrongfully taking or appropriating money or assets entrusted to one's care, typically in a position of employment or trust, for personal use.

Defamation

The act of communicating false statements about a person that injure the reputation of that person.

Slander

A form of defamation manifested through spoken words, gestures, or other transient forms, damaging a person's reputation.

Identifying Characteristic

A unique or distinctive feature that helps to distinguish a person, object, or concept from others.