Neco 2021 Commerce Question 12

Practice objective / multiple choice question 12 from the 2021 Neco Commerce examination.

Neco 2021 Commerce Objective / Multiple Choice Medium Difficulty
Question 12 NECO • 2021 • COMMERCE • objective

Three partners A, B and C invest capital of ₦120,000, ₦180,000 and ₦200,000 respectively for one year. The partnership agreement states that interest on capital at \(8\%\) per annum is first paid to each partner, then a fixed salary of ₦30,000 is paid to each partner, and the remaining profit of ₦210,000 is shared in the ratio of their capital contributions. Determine the total amount each partner receives.

Answer Options

A. A receives ₦58,800; B receives ₦73,200; C receives ₦78,000
Correct Answer B. A receives ₦90,000; B receives ₦120,000; C receives ₦130,000
C. A receives ₦60,000; B receives ₦90,000; C receives ₦100,000
D. A receives ₦92,400; B receives ₦123,600; C receives ₦134,000
Correct Answer
B
Correct Option:
A receives ₦90,000; B receives ₦120,000; C receives ₦130,000

About This Question

This is Neco 2021 Commerce Question 12. It is one of the objective questions from the 2021 Neco Commerce examination.

Difficulty level: Medium .

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