Waec Model Questions Vol1 2023 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
X, Y and Z are partners sharing profits in the ratio 2:1:1. Their capital balances are X ₦150,000, Y ₦90,000 and Z ₦60,000. At dissolution the partnership holds cash ₦80,000, inventory (cost) ₦40,000 and equipment (net book) ₦70,000. Liabilities are a loan of ₦30,000 and creditors of ₦20,000. The inventory is found to be undervalued by ₦10,000 and the equipment overvalued by ₦5,000. Goodwill of ₦24,000 is to be written off equally among the partners. Calculate the amount each partner receives on dissolution.
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 14. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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