Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7.
FINANCIAL
JAMB 1997
Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of N9 000. In one accounting period, the business recorded a loss of N1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be?
- A. Faruk, (N450); Osawe, (N1 050)
- B. Faruk, (N3 150); Osawe, (N7350)
- C. Faruk, (2 250); Osawe, (N7 350)
- D. Faruk, (N450); Osawe, (N1 050)
Correct Answer: D. Faruk, (N450); Osawe, (N1 050)
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