Use the following information to answer he give... - WAEC Accounting 1999 Question
Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \ & N & N \ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \ Drawings & 1,500 & 1,500 \ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
Their profit sharing ratio is
\(\begin{array}{c|c} & J. Chike & B. Balla \ & N & N \ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \ Drawings & 1,500 & 1,500 \ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
Their profit sharing ratio is
A
1 : 8 : 1
B
1 : 5 : 1
C
1 : 25 : 1
D
1 : 1
correct option: b
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