Appropriation Account Kudu Wale Interest on capital 750 550 Salaries 800 600 Share of profits 3,300 3,300 Determine the net profit of the partnership.

Assessment: JAMB UTME - Principles of Accounts - 1999 Subject: Financial Accounting

Question 1 Report

Appropriation Account

Kudu Wale

Interest on capital 750 550

Salaries 800 600

Share of profits 3,300 3,300

Determine the net profit of the partnership.

₦9,300

₦6,600

₦4,850

₦4,450

Answer Details

To determine the net profit of the partnership, we need to add up the Interest on capital, Salaries and Share of profits for both partners. Partner 1 (Kudu): Interest on capital: ₦750 Salaries: ₦800 Share of profits: ₦3,300 Total: ₦4,850 Partner 2 (Wale): Interest on capital: ₦550 Salaries: ₦600 Share of profits: ₦3,300 Total: ₦4,450 To find the net profit of the partnership, we add the totals of both partners: ₦4,850 + ₦4,450 = ₦9,300 Therefore, the net profit of the partnership is ₦9,300.

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Manufacturing Accounts

Partnership Accounts

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Appropriation Account Kudu Wale Interest on capital 750 550 Salaries 800 600 Share of profits 3,300 3,300 Determine the net profit of the partnership.

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