Waec Model Questions Vol1 2023 Financial Accounting Question 10
Practice objective / multiple choice question 10 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Three partners - A, B and C - run a business. Their opening capital balances are A: ₦500,000, B: ₦300,000, C: ₦200,000. The profit‑sharing ratio is 3:2:1. The following items occur during the year: interest on capital at 10% per annum; salaries - A receives ₦50,000, B receives ₦30,000, C receives none; interest on drawings at 6% per annum (drawings: A ₦80,000, B ₦50,000, C ₦40,000); and a profit before any of these adjustments of ₦240,000. Determine the total amount of partners' capital at the end of the year.
Answer Options
About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 10. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.