Use the following information to answer the giv... - WAEC Accounting 2002 Question
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
\(\begin{array}{c|c} & Baba & Tude\ & N & N \ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \ \text{Drawings during the year} & 4,000 & 15,000\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
A
N20,000
B
N10,500
C
N5,000
D
N4,000
correct option: b
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