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WAEC Financial Accounting 1999 Question 21

Question 21

Partnership Accounts

Current Accounts balance (1/4/98): J. Chike N4,000; B. Balla N6,000
Current Accounts balance (1/4/99): J. Chike N7,000; B. Balla ?
Drawings: J. Chike N1,500; B. Balla N1,500
Share of net profit: J. Chike ?; B. Balla N2,500
What is Balla's Current Account balance as at 31/3/99?

  1. A.N11,000
  2. B.N7,000
  3. C.N5,500
  4. D.N4,500
Show the answer and explanation

Answer: B (N7,000)

Explanation

6,000 + 2,500 − 1,500 = N7,000.