Gce Model Questions Vol1 2017 Commerce Question 24

Practice objective / multiple choice question 24 from the 2017 Gce Model Questions Vol1 Commerce examination.

Gce Model Questions Vol1 2017 Commerce Objective / Multiple Choice Medium Difficulty
Question 24 GCE_MODEL_QUESTIONS_VOL1 • 2017 • COMMERCE • objective

Three partners A, B and C start a partnership with capital contributions of £30{,}000, £20{,}000 and £10{,}000 respectively. The partnership agreement states that profit is first distributed as a 5% interest on each partner's capital, and the remaining profit is shared in the ratio of their capital contributions. At the end of the year the partnership earned a net profit of £24{,}000 before interest. Calculate the total amount each partner receives.

Answer Options

A. A receives £11,000; B receives £9,000; C receives £4,000.
B. A receives £13,000; B receives £7,000; C receives £4,000.
Correct Answer C. A receives £12,000; B receives £8,000; C receives £4,000.
D. A receives £12,500; B receives £7,500; C receives £4,000.
Correct Answer
C
Correct Option:
A receives £12,000; B receives £8,000; C receives £4,000.

About This Question

This is Gce Model Questions Vol1 2017 Commerce Question 24. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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