JAMB Accounting 2021 Objective — Question 30

Question 30 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.

30. Use the following details to answer question 30 and 31: A, B and C are partners sharing profit and loss in the ratio 1:2:1. If A is entitled to salary of 5,000 and 120,000 profit was made for the year. How much will be credit to A current account a. 5,000 b. 30,000 c. 35,000 d. 33,750

A. 5,000
B. 30,000
C. 35,000
D. 33,750Correct

Explanation

A's salary is 5,000 plus A's share of the remaining profit: 1/4 x (120,000 - 5,000) = 28,750. Total credited to A's current account = 5,000 + 28,750 = 33,750.

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