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Use the following information to answer questions below Teteh and Kukuma are in partnership with...

Accounts - Principles of Accounts
WAEC 2022

Use the following information to answer questions below

Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
 


Kukuma's current account balance is

  • A. #50,000
  • B. #70,000
  • C. #90,000
  • D. #60,000
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Correct Answer: Option B
Explanation

Kukuma's current capital = 10,000 ( interest on capital) + 60,000( share of of profit i.e 2/5 x 125,000)

= 70,000

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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