[ Post UTME Begins ]: View The List Of Schools That Have Released 2026 Post-UTME Forms.
Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
  1. Home
  2. Classroom
  3. Accounts - Principles of Accounts
  4. JAMB 2009
  5. Use the information...

Use the information to answer question below Capital balances b/d:.....P.............N20,000 ..........................K.............N10,000 Drawings:.................P.............N2, 000 ..........................K.............N1, 000...

Accounts - Principles of Accounts
JAMB 2009

Use the information to answer question below

Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20


Assuming that the partnership maintains a fixed capital, what is P's closing capital?

  • A. N25,000
  • B. N24,900
  • C. N22,900
  • D. N20,000
Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Correct Answer: Option D
Explanation

Assuming the partnership maintains a fixed capital balance P capital would be the balance brought down 20,000 (that is capital without drawings)

Previous Next
Go back to Acc classroom

Report an Error Ask A Question Download App
Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
{{ text }}

Contributions ({{ comment_count }})

Please wait...

{{ settings.no_comment_msg ? settings.no_comment_msg : 'There are no comments' }}

Quick Questions

Post your Contribution

Please don't post or ask to join a "Group" or "Whatsapp Group" as a comment. It will be deleted. To join or start a group, please click here

{{ quote.posted_by.display_name }}
{{ settings.form_textarea_description }}
 
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts