WAEC Accounting 2021 Objective — Question 6

Question 6 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.

[Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.] The residual profit of the business for the year is

A. D47,000
B. D34,000
C. D22,000
D. D21,000Correct

Explanation

Residual profit is gotten after deducting partners' personal entitlement (salary): D34,000 - D13,000 = D21,000.

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