What is chike’s share of profit from the partnership for the year ended 31/3/99?

By: |Published on: Aug 15|Categories: Accounting WAEC| 0 comments

Use the following information to answer the given question

J. Chike

N

 B. Balla

N
Current Accounts balance(1/4/98) 4,000 6,000
Current Accounts balance (1/4/99) 7,000 ?
Drawings 1,500 1,500
Share of net profit ? 2,500

 

A. N8,500
B. N7,000
C. N5,500
D. N4,500

Correct Answer:

Option D – N4,500

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