Neco Model Questions Vol1 2022 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Three partners A, B and C run a partnership with capital contributions of ₦500,000, ₦300,000 and ₦200,000 respectively. The profit‑sharing ratio is 3:2:1. The partnership agreement provides interest on capital at 10 % per annum, a fixed salary of ₦50,000 to A, and drawings of ₦30,000, ₦20,000 and ₦10,000 for A, B and C respectively. The net profit before these adjustments is ₦420,000. Determine the amount that will be credited to C's capital account at the end of the year.
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This is Neco Model Questions Vol1 2022 Financial Accounting Question 45. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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