Accounting WAEC

Interest on capital is 10%. The net profit for the year is N60,000. The balance on Ibinabo’s current account on 31st December, 1992 is?

Halima

N

Ibinabo

N

Capital accounts 1st Jan, 1992 100,000 50,000
Current accounts 1st Jan, 1992 20,000 40,000
Drawing during the year 10,000 15,000
Annual salaries 14,000 12,000

 

A. N66,500
B. N53,500
C. N51,500
D. N43,500

Correct Answer:

Option C – N51,500

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