Post Utme Noun 2021 Accounting Question 11

In a manufacturing company, the following transactions occurred during the year: Partnership accounts: A, B, and C shared profits in the ratio 5:3:2. Cash book: Purchased goods for ₦150,000 on credit from a supplier. Bank reconciliation: The bank statement showed a balance of ₦120,000, but the company's cash book balance was ₦130,000. Manufacturing account: The company produced 10,000 units of a product, with a selling price of ₦50 per unit. Departmental accounts: The company has two departments: production and sales. The production department incurred expenses of ₦20,000, and the sales department incurred expenses of ₦30,000. Double entry system and ledgers: The company uses a double entry system and has the following ledger accounts: assets, liabilities, equity, revenues, and expenses. Depreciation and asset valuation: The company has a machine that depreciates by 10% per annum. What is the total profit made by the company?