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. Bola’s current account balance 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. N18,150 Cr
B. N16,150 Cr
C. N10,150 Cr
D. N6,150 Cr

Correct Answer: Option D

D. N6,150 Cr

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6 years ago

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