Use the following information to answer the question Use the following information to answer the question \(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hl...

Assessment: WAEC SSCE - Financial Accounting - 2005 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following information to answer the question
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade's share of profit is

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