Use the information below to answer this question. Timo and Chris are computer engineers who...
FINANCIAL
JAMB 2015
Use the information below to answer this question. Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.
What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?
- A. 2 : 3
- B. 3 : 2
- C. 6 : 5
- D. 5 : 6
Correct Answer: A. 2 : 3
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