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Financial Accounting Mock Exam 2

30 marks · 45 minutes

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**Section C (questions 15-20) refers to this scenario.** Njeri and Wafula are in partnership. Capital: Njeri KES 450,000, Wafula KES 350,000. Agreement terms: 4% interest on capital; Wafula draws a salary of KES 50,000; residual profit shared 55:45 (Njeri:Wafula). Net profit for the year: KES 280,000. Opening current account balances: Njeri KES 10,000 (credit), Wafula KES 5,000 (credit). Drawings during the year: Njeri KES 60,000, Wafula KES 55,000.

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  • 20 questions, 45 minutes.
  • The timer starts when you press begin and does not pause.
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