Waec Model Questions Vol1 2021 Financial Accounting Question 49
Practice objective / multiple choice question 49 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Partners A and B share profits and losses in the ratio 3:2. Their opening capital balances are A: ₦500,000 and B: ₦300,000. During the year the partnership earned a net profit of ₦240,000 before interest on capital. The partnership agreement provides interest on capital at 5% per annum on each partner's opening capital. A also receives a bonus of ₦30,000 for extra effort, to be taken from profit before distribution. During the year A withdrew ₦80,000 and B withdrew ₦50,000. After accounting for interest, the bonus, profit sharing and withdrawals, how much profit is finally added to A's and B's capital accounts respectively?
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 49. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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