Share of Profit – NBC Institute

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

Question

What is the balance in Ora’s current account at the end of the reporting period?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)
- Drawings: Obi N20,000, Ora N30,000
- Salaries: Obi N28,000, Ora N24,000

A. N79,000
B. N82,000
C. N101,000
D. N115,000
E. N163,000

Answer

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Tags: Current Account, Partnership Accounts, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

Question

What is Obi’s share of profit for the year?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)

A. N20,000
B. N28,000
C. N39,000
D. N79,000
E. N89,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Partnership Accounts, Profit Sharing, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

Question

What is the balance in Ora’s current account at the end of the reporting period?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)
- Drawings: Obi N20,000, Ora N30,000
- Salaries: Obi N28,000, Ora N24,000

A. N79,000
B. N82,000
C. N101,000
D. N115,000
E. N163,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Partnership Accounts, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

Question

What is Obi’s share of profit for the year?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)

A. N20,000
B. N28,000
C. N39,000
D. N79,000
E. N89,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Partnership Accounts, Profit Sharing, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

Question Tag: Share of Profit

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FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

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FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

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FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

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FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

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FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

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