Question 45

Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
The balance on John's current account is

  • A.N4,000 Dr
  • B.N3,800 Cr
  • C.N3,300Cr
  • D.N2,000 Cr
  • E.N18,000 Cr
Objective

Question details

Exam body
WAEC
Subject
Accounts - principles of accounts
Year
1993
Question no.
#45
Type
Objective

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