Gce Model Questions Vol1 2023 Commerce Question 41

Practice objective / multiple choice question 41 from the 2023 Gce Model Questions Vol1 Commerce examination.

Gce Model Questions Vol1 2023 Commerce Objective / Multiple Choice Medium Difficulty
Question 41 GCE_MODEL_QUESTIONS_VOL1 • 2023 • COMMERCE • objective

In a partnership, profit is shared in proportion to each partner's capital contribution multiplied by the time (in months) the capital was invested during the financial year. Partner A contributed \(\text{₦}100{,}000\) for the whole 12 months. Partner B contributed \(\text{₦}100{,}000\) but withdrew after 8 months. Partner C joined with \(\text{₦}100{,}000\) for the remaining 4 months. The total profit for the year is \(\text{₦}84{,}000\). Calculate the amount of profit each partner receives.

Answer Options

A. A: ₦40,000; B: ₦30,000; C: ₦14,000
B. A: ₦42,000; B: ₦30,000; C: ₦12,000
Correct Answer C. A: ₦42,000; B: ₦28,000; C: ₦14,000
D. A: ₦45,000; B: ₦24,000; C: ₦15,000
Correct Answer
C
Correct Option:
A: ₦42,000; B: ₦28,000; C: ₦14,000

About This Question

This is Gce Model Questions Vol1 2023 Commerce Question 41. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

View More Gce Model Questions Vol1 2023 Commerce Questions More Gce Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support