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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

Ajem's current account balance was

  • A. 65,000
  • B. 60,000
  • C. 42,000
  • D. 40,000
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Correct Answer: Option D
Explanation
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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts