Waec Model Questions Vol1 2017 Financial Accounting Question 13
Practice objective / multiple choice question 13 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Three partners A, B and C contributed capital of ₦150,000, ₦100,000 and ₦80,000 respectively. The partnership agreement provides for interest on capital at 10% per annum, a salary of ₦12,000 per annum to A, and interest on drawings at 6% per annum. During the year, drawings were A: ₦20,000, B: ₦15,000, C: ₦10,000. The partnership earned a net profit of ₦78,000 before these adjustments. Partner C retired on 30 June and is entitled to his capital plus accrued interest on capital for the half‑year. Determine the amount of profit share that will be credited to partner B's capital account at year end (rounded to the nearest naira).
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About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 13. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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