\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \tex...

Assessment: WAEC SSCE - Financial Accounting - 2003 (Objective) Subject: Financial Accounting

Question 1 Report

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
Ojo's share of profit for the year is

₦21,067

₦20,9333

₦20,000

₦19,067