Gce Model Questions Vol1 2020 Commerce Question 17
Practice objective / multiple choice question 17 from the 2020 Gce Model Questions Vol1 Commerce examination.
Three partners A, B and C run a business. Their capital contributions are \(40{,}000\), \(60{,}000\) and \(100{,}000\) naira respectively. Interest on capital is charged at \(8\%\) per annum. Salaries are paid as follows: A receives \(5{,}000\) naira, B receives \(8{,}000\) naira and C receives nothing. After all interest and salaries have been paid, the remaining profit to be shared is \(48{,}000\) naira, which is divided in the ratio of the partners' capital contributions. What is the total amount that partner C receives (interest plus his share of the remaining profit)?
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About This Question
This is Gce Model Questions Vol1 2020 Commerce Question 17. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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