Accounting WAEC

Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade’s share of profit is

Use the following information to answer the question

Ade

N

 Bola

N
Capital Accounts 60,000 40,000
Current Accounts 10,000 Cr 6,000 Cr
Drawings 8,000 2,000

A. N19,750
B. N15,250
C. N15,000
D. N10,250

Correct Answer: Option D

D. N10,250

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6 years ago

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