Use the information to answer question below Capital balances b/d:.....P.............N20,000 ..........................K.............N10,000 Drawings:.................P.............N2, 000 ..........................K.............N1, 000...
FINANCIAL
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
If the capital of the partnership is unfixed, what is K's current accounts?
- A. N11,950
- B. N10,950
- C. N20
- D. NO OPTION
Correct Answer: D. NO OPTION
Explanation
K capital contributed = 10000
10000 - 1,000 - 2000 - 100 - 10 = 6880
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *