WAEC Financial Accounting 2005 Question 17

Capital Accounts: Ade N60,000; Bola N40,000
Current Accounts: Ade N10,000 Cr.; Bola N6,000 Dr.
Drawings: Ade N8,000; Bola N2,000
Interest on drawings is 5%, interest on capital is 10%. Profits and losses are shared equally. Net profit for the year is N30,000.
Ade's share of profit is

1. A.N19,750
2. B.N15,250
3. C.N15,000
4. D.N10,250.