Waec Model Questions Vol1 2018 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
Partner X's capital account at the beginning of the year shows ₦500,000. During the year the firm earned a net profit of ₦120,000 before depreciation. The firm uses straight‑line depreciation on a plant costing ₦200,000 with a salvage value of ₦20,000 over 8 years. Depreciation is charged to profit before distribution. Profit is shared 60% to Partner X and 40% to Partner Y. Partner X withdrew ₦30,000 during the year. Additionally, a revaluation surplus of ₦15,000 is to be transferred to the partners' capital accounts in the same profit‑sharing ratio. Calculate Partner X's closing capital balance at year‑end.
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About This Question
This is Waec Model Questions Vol1 2018 Financial Accounting Question 35. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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