WAEC Accounting 2020 Objective — Question 13

Question 13 of 50 from the West African Examinations Council (WAEC) Accounting 2020 Objective paper, with the correct answer and a full explanation.

The balance in Chikum's Current Account is

A. N14,000
B. N9,000Correct
C. N8,000
D. N4,000

Explanation

Chikum's current account balance: Interest on capital N1,000 + Share of profit N8,000 - Drawings N5,000 = N9,000 (bal c/d, per the working of the partnership current accounts).

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