NECO Accounting 2022 Objective — Question 33
Question 33 of 50 from the National Examinations Council (NECO) Accounting 2022 Objective paper, with the correct answer and a full explanation.
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Using the information in Q32, Kukuma's current account balance is
- A. #90,000
- B. #70,000Correct
- C. #60,000
- D. #50,000
Explanation
Kukuma's current account = interest on capital (5% x 200,000 = 10,000) + share of profit (2/5 x 150,000 = 60,000) = #70,000.
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