Accounting WAEC

The profit and loss in joint venture with B account in the ledger of A.

A sent B a cheque for ₦2000 to provide him with friends. They agreed to share profits in ratio 3 : 2 and settlement is by cheque.

A B
# #
Sales 3200 2100
Advert 327 463
Wages 85 70
Purchases 1600 1100

A. ₦1000
B. ₦900
C. ₦993
D. ₦883

Correct Answer: Option C

C. ₦993

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