Question 16

Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is

  • A.N39,500
  • B.N30,500
  • C.N30,000
  • D.N20,500
Objective

Question details

Exam body
WAEC
Subject
Accounts - principles of accounts
Year
2005
Question no.
#16
Type
Objective

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