WAEC Accounting Past Questions & Answers - Page 56

Ata, Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        -
Net profit for the year was 40,500 and the interest on capital was 5% per annum

Bubu's share of profit is

Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The balance in Chikum's Current Account is

Ata, Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The profit available for sharing by the partners is 

A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit 

A debit balance of N420 on the purchases ledger control account means that the