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Use the following information to answer the question below Ajem and Ogah were in partnership...

Accounts - Principles of Accounts
WAEC 2019

Use the following information to answer the question below

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
                                Ogah     Ajem
Capital Account     60,000    65,000
Current Account    40,000    50,000
Drawings              20,000     30,000
Salary                  10,000        -
Netprofit was 100,000

Ogah's share of profit was

  • A. 51,150
  • B. 50,250
  • C. 34,100
  • D. 33,500
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Correct Answer: Option A
Explanation
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