Question 0

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The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital..........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500........250


Current account balance of Kaka at the end of the year will be

  • A.N250
  • B.N350
  • C.N175
  • D.N325
  • E.
Objective

Question details

Exam body
JAMB
Subject
Accounts - Principles of Accounts
Year
2002
Question no.
#0
Type
Objective

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