JAMB Accounting 2011 Objective — Question 39
Question 39 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.
Advertisement
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital: Keme #20,000, Kemi #10,000. Drawings: Keme #2,000, Kemi #3,000. Profit #6,000. Interest on capital 5%. Interest on drawings 10%. The interest on Kemi's capital is
- A. A. #1,000
- B. B. #2,000
- C. C. #500Correct
- D. D. #3,000
Explanation
Interest on Kemi's capital = 5% x #10,000 = #500.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.