Accounting WAEC

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob’s share of profit?

A. N10,000
B. N8,000
C. N5,000
D. N4,000

Correct Answer: Option C

C. N5,000

SEE ALSO The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is?
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