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Cameroon GCE A-Level Accounting Practice Questions - Cameroon General Certificate Of Education Advanced Level - Accounting (Subject Code 0705) Exam

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A partner's capital account is 10,000,000 FCFA and current account has a credit balance of 1,500,000 FCFA. The partnership agreement provides 6% interest per annum on capital, an annual partner salary of 2,400,000 FCFA, and 5% interest charged on drawings. If the partner withdrew 3,000,000 FCFA during the year (with 150,000 FCFA interest on drawings) and their share of residual profit is 1,800,000 FCFA, what is the closing balance of the current account?
Correct Answer:
3,150,000 FCFA

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