Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership....
FINANCIAL
JAMB 2004
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
What is Kunle's share of the profit?
- A. N600
- B. N300
- C. N180
- D. N120
Correct Answer: D. N120
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *