Gce Model Questions Vol1 2020 Commerce Question 42

Practice objective / multiple choice question 42 from the 2020 Gce Model Questions Vol1 Commerce examination.

Gce Model Questions Vol1 2020 Commerce Objective / Multiple Choice Medium Difficulty
Question 42 GCE_MODEL_QUESTIONS_VOL1 • 2020 • COMMERCE • objective

Three partners A, B and C start a partnership with capital contributions of ₦120,000, ₦80,000 and ₦100,000 respectively. The partnership agreement states that profit is first used to pay a 5\% annual interest on each partner's capital, and any remaining profit is then shared in the ratio of their capital contributions. At the end of the year the partnership records a net profit of ₦96,000 after all expenses. Calculate the amount of profit each partner finally receives.

Answer Options

Correct Answer A. A: ₦38,400; B: ₦25,600; C: ₦32,000
B. A: ₦36,000; B: ₦24,000; C: ₦30,000
C. A: ₦40,000; B: ₦26,667; C: ₦33,333
D. A: ₦38,000; B: ₦26,000; C: ₦32,000
Correct Answer
A
Correct Option:
A: ₦38,400; B: ₦25,600; C: ₦32,000

About This Question

This is Gce Model Questions Vol1 2020 Commerce Question 42. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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