Accounts - Principles of account (WAEC 2010)

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This is for O'level students preparing for Accounts - Principles of account WAEC examination.
Instruction: Achieve at least 50% in less than 30 seconds per question.

Quiz Started: 0 Second ago · 19 April 2024 12:19 · Questions: 46 · Answered: 0 · Recommended Time: 0h:23m:0s

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22 Click Here To Discuss Question

Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:

	ABA â‚¦	BABA â‚¦	TOTAL â‚¦
Capital	20,000	15,000	35,000
Drawings	2,520	-	2,520
Interest on drawings	504	-	504
Interest on capital	2,000	1,500	3,500
Net profit 31/12/08	-	-	34,636

Aba's share of profit is

Select 1 Option (1 Mks)

23 Click Here To Discuss Question

	ABA â‚¦	BABA â‚¦	TOTAL â‚¦
Capital	20,000	15,000	35,000
Drawings	2,520	-	2,520
Interest on drawings	504	-	504
Interest on capital	2,000	1,500	3,500
Net profit 31/12/08	-	-	34,636

Aba's share of profit is

Select 1 Option (1 Mks)

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speaker_notes Accounts - Principles of account (WAEC 2010)

Accounts - Principles of account (WAEC 2010)