Gce Model Questions Vol1 2017 Commerce Question 36

Practice objective / multiple choice question 36 from the 2017 Gce Model Questions Vol1 Commerce examination.

Gce Model Questions Vol1 2017 Commerce Objective / Multiple Choice Medium Difficulty
Question 36 GCE_MODEL_QUESTIONS_VOL1 • 2017 • COMMERCE • objective

A partnership of three persons A, B and C contributed capital as follows: A contributed \(₦120,000\) for 6 months, B contributed \(₦80,000\) for 9 months and C contributed \(₦100,000\) for 12 months. The business earned a profit of \(₦96,000\) before any interest on capital. Interest on capital is charged at \(5\%\) per annum (simple interest). After paying interest, the remaining profit is divided equally among the three partners. Calculate the amount each partner receives.

Answer Options

A. A: ₦31,166 ⅔; B: ₦31,166 ⅔; C: ₦33,666 ⅔
Correct Answer B. A: ₦31,333 ⅓; B: ₦31,333 ⅓; C: ₦33,333 ⅓
C. A: ₦32,000; B: ₦32,000; C: ₦32,000
D. A: ₦31,333 ⅓; B: ₦31,333 ⅓; C: ₦32,333 ⅓
Correct Answer
B
Correct Option:
A: ₦31,333 ⅓; B: ₦31,333 ⅓; C: ₦33,333 ⅓

About This Question

This is Gce Model Questions Vol1 2017 Commerce Question 36. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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