Gce Model Questions Vol1 2021 Commerce Question 20

Practice objective / multiple choice question 20 from the 2021 Gce Model Questions Vol1 Commerce examination.

Gce Model Questions Vol1 2021 Commerce Objective / Multiple Choice Medium Difficulty
Question 20 GCE_MODEL_QUESTIONS_VOL1 • 2021 • COMMERCE • objective

Three partners A, B and C start a partnership with capital contributions of \(\text{₦}120{,}000\), \(\text{₦}80{,}000\) and \(\text{₦}100{,}000\) respectively. The partnership agreement states that profit is shared in proportion to capital after first paying interest on capital at \(5\%\) per annum on each partner's capital. At the end of the year the partnership makes a net profit of \(\text{₦}96{,}000\) before interest. Calculate the amount of profit each partner receives after the interest on capital has been paid.

Answer Options

Correct Answer A. A: \(\text{₦}32,400\); B: \(\text{₦}21,600\); C: \(\text{₦}27,000\)
B. A: \(\text{₦}32,800\); B: \(\text{₦}21,867\); C: \(\text{₦}27,333\)
C. A: \(\text{₦}44,400\); B: \(\text{₦}29,600\); C: \(\text{₦}37,000\)
D. A: \(\text{₦}38,400\); B: \(\text{₦}25,600\); C: \(\text{₦}32,000\)
Correct Answer
A
Correct Option:
A: \(\text{₦}32,400\); B: \(\text{₦}21,600\); C: \(\text{₦}27,000\)

About This Question

This is Gce Model Questions Vol1 2021 Commerce Question 20. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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