Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio...
FINANCIAL
JAMB 1997
Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20 000, N15 000 and N5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to N5 500. Calculate the profit for Adamu?
- A. N583
- B. N1 000
- C. N1 167
- D. N1 750
Correct Answer: B. N1 000
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