Accounts - Principles of Accounts Past Questions and Answers

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' share of profit?

A N12,000
B N10,000
C N8,000
D N5,000

Question 1758:

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob's share of profit?

A N10,000
B N8,000
C N5,000
D N4,000

Question 1759:

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?

A N2,000
B N1,500
C N1,000
D N500

Question 1760:

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' interest on capital?

A N10,000
B N7,000
C N6,000
D N4,000