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JAMB Principles of Accounts 1999 Question 34

Question 34

Partnership Accounts

Appropriation Account (₦: Kudu; Wale)
Interest on capital 750; 550
Salaries 800; 600
Share of profits 3,300; 3,300
Determine the net profit of the partnership.

  1. A.₦9,300
  2. B.₦6,600
  3. C.₦4,850
  4. D.₦4,450
Show the answer and explanation

Answer: A (₦9,300)

Explanation

Net profit = 750 + 550 + 800 + 600 + 3 300 + 3 300 = ₦9 300.