Jumoke and Kunle have an original investment of N25,000 a...
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
N4,000
N2,800
N1,500
N300
Correct answer is A
No explanation has been provided for this answer.
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\(\begin{array}{c|c} & ₦\\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpre...