Gce Model Questions Vol1 2024 Commerce Question 14

Practice objective / multiple choice question 14 from the 2024 Gce Model Questions Vol1 Commerce examination.

Gce Model Questions Vol1 2024 Commerce Objective / Multiple Choice Medium Difficulty
Question 14 GCE_MODEL_QUESTIONS_VOL1 • 2024 • 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 provides that (i) interest on capital at \(5\%\) per annum is to be paid to each partner, (ii) partner A receives a fixed salary of ₦30,000 per year for managerial duties, and (iii) the remaining profit for the year is to be divided in the ratio of their capital contributions. If the total profit of the partnership before any deductions is ₦250,000, calculate the amount each partner receives after interest and salary are accounted for. Give your answers to the nearest naira.

Answer Options

A. A: 115,000; B: 60,000; C: 75,000
Correct Answer B. A: 118,000; B: 58,667; C: 73,333
C. A: 117,500; B: 59,500; C: 73,000
D. A: 120,000; B: 55,000; C: 75,000
Correct Answer
B
Correct Option:
A: 118,000; B: 58,667; C: 73,333

About This Question

This is Gce Model Questions Vol1 2024 Commerce Question 14. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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