Use the following information to answer the question below Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capita...

Assessment: WAEC SSCE - Financial Accounting - 2020 Subject: Financial Accounting

Question 1 Report

Use the following information to answer the question below

Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

Capital Drawings
Ata 40,000 8,000
Bubu 30,000 5000
Chikum 20,000 -

Net profit for the year was 40,500 and the interest on capital was 5% per annum

Bubu's share of profit is

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