The partnership agreement between Abba, Baba and Kaka con...
The partnership agreement between Abba, Baba and Kaka contains the following provision:
(i) 5% interest to be paid on capital and no interest to be charged on drawings
(ii) Profits and losses to be shared in the ratio 3:2:1 respectively
(iii) net profit as at 31/12/95 N 2,250.
.................Abba......Baba.......Kake
Capital........5000......4000......3000
Current account...250......100.......175
Salary............300......300.......---
Drawings..........600......500......250
Current account balance of Kaka at the end of the year will be
N250
N350
N175
N325
Correct answer is A
No explanation has been provided for this answer.
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\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...