Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. ...

Assessment: WAEC SSCE - Financial Accounting - 1990 (Objective) Subject: Financial Accounting

Question 1 Report

Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?

N940

N1,460

N2,040

N3,060

N3,600