Neco 2020 Commerce Question 30

Practice objective / multiple choice question 30 from the 2020 Neco Commerce examination.

Neco 2020 Commerce Objective / Multiple Choice Medium Difficulty

Question 30 NECO • 2020 • COMMERCE • objective

Three partners A, B and C form a partnership. They agree that profit will be shared in proportion to their capital contributions after each partner receives a fixed interest of 5% per annum on the capital they invested. At the end of the year the partnership earned a net profit of \text{₦}240,000 before interest. Their capital contributions are: A - \text{₦}120,000, B - \text{₦}80,000, C - \text{₦}100,000. Determine the amount of profit each partner receives after interest is paid.

Correct Answer A. A: 96000; B: 64000; C: 80000

B. A: 6000; B: 4000; C: 5000

C. A: 102000; B: 68000; C: 85000

D. A: 90000; B: 60000; C: 75000

Correct Answer

Correct Option:

A: 96000; B: 64000; C: 80000

This is Neco 2020 Commerce Question 30. It is one of the objective questions from the 2020 Neco Commerce examination.

Difficulty level: Medium .

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