WAEC Financial Accounting 2003 Question 15

Capital Accounts: Ojo N40,000; Aina N20,000
Drawings: Ojo N10,000; Aina N6,000
Interest on capital 5%
Interest on drawings 10%
Net profit for the year N30,000
Profit sharing ratio: Ojo 2/3, Aina 1/3
Ojo's share of profit is

1. A.N21,067
2. B.N20,933
3. C.N20,000
4. D.N19,067