Gce Model Questions Vol1 2024 Commerce Question 19

Practice objective / multiple choice question 19 from the 2024 Gce Model Questions Vol1 Commerce examination.

Gce Model Questions Vol1 2024 Commerce Objective / Multiple Choice Medium Difficulty
Question 19 GCE_MODEL_QUESTIONS_VOL1 • 2024 • 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 provides each partner a monthly salary of \(\text{₦}5{,}000\) and interest on capital at 8% per annum (simple). At the end of the year the partnership records a net profit of \(\text{₦}300{,}000\) before salaries and interest are paid. Determine the total amount each partner receives (salary + interest + share of remaining profit).

Answer Options

A. A: ₦110,000; B: ₦92,000; C: ₦98,000
Correct Answer B. A: ₦108,000; B: ₦92,000; C: ₦100,000
C. A: ₦108,000; B: ₦90,000; C: ₦102,000
D. A: ₦107,000; B: ₦93,000; C: ₦100,000
Correct Answer
B
Correct Option:
A: ₦108,000; B: ₦92,000; C: ₦100,000

About This Question

This is Gce Model Questions Vol1 2024 Commerce Question 19. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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