WAEC - Accounts Principles Of Accounts (2022 - No. 29)
Use the following information to answer questions below
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Teteh's share of interest on capital is
#15,000
#25,000
#10,000
#75,000
Explanation
Teteh's share of interest on capital = 5% x 300,000 = 15,000
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