JAMB Accounting 2009 Objective — Question 41
Question 41 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.
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41. Using the same data, if the capital of the partnership is unfixed, what is K's current account?
- A. #11,950
- B. #10,950Correct
- C. #20
- D. #0
Explanation
Under an unfixed (fluctuating) capital account, all appropriations pass through a single capital/current account combining K's opening balance, share of profit, less drawings and interest on drawings, giving approximately #10,950.
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