JAMB - Accounts Principles Of Accounts (2009 - No. 35)
Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?
6,280
4,020
2,820
2,280
Explanation
Profit and Loss Appropriation A/C
| partners salary - K 800 Int.on capital - M 2000 K 1000 share of profit - M 4020 K 2680 6700 10500 |
Net profit b/d 10000 Int. on drawings: M 500 10500 |
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