Accounts - Principles of Accounts
WAEC 1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The shares of profit of each partners is
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A.
N17,000
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B.
N15,000
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C.
N10,750
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D.
N10,000
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E.
N9,500
Correct Answer: Option E
Explanation
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