Accounts - Principles of Accounts
WAEC 1999
Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
Their profit sharing ratio is
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A.
1 : 8 : 1
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B.
1 : 5 : 1
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C.
1 : 25 : 1
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D.
1 : 1
Correct Answer: Option B
Explanation
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