ACCOUNTING
JAMB 2004 - Question 39
Account 2004 JAMB Past Questions - Question 39: Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provide 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2. Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year The balance of profit and loss account will be
Choose the most appropriate option for the gap .
The balance of profit and loss account will be
A:
B:
C:
D:
Correct Answer
A
Explanation
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