Accounting WAEC

Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde’s capital is?

Use the following information to answer the given question

Baba

#

Tunde

#

Capital Accounts 1 January, 2000 40,000 50,000
Current Accounts 1 January, 2000 20,000Cr 15,000Cr
Drawings during the year 4,000 15,000
Salaries 5,000 5,000

A. N10,000
B. N5,000
C. N4,000
D. N1,500

Correct Answer: Option B

B. N5,000

Sunday

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

2 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

2 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

2 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

2 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

2 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

2 months ago