Neco 2022 Commerce Question 11

Practice objective / multiple choice question 11 from the 2022 Neco Commerce examination.

Neco 2022 Commerce Objective / Multiple Choice Medium Difficulty
Question 11 NECO • 2022 • COMMERCE • objective

Three partners A, B and C invested in a business. A contributed ₦120,000 for 6 months, B contributed ₦80,000 for 9 months, and C contributed ₦100,000 for 12 months. At the end of the year the business earned a profit of ₦99,000 before interest. The partners agreed that interest on capital at \(5\%\) per annum is to be deducted before sharing the remaining profit in proportion to the capital‑time contributions. Determine the amount of profit each partner receives.

Answer Options

Correct Answer A. A: ₦24,000; B: ₦24,000; C: ₦40,000
B. A: ₦22,909; B: ₦22,909; C: ₦38,182
C. A: ₦35,200; B: ₦23,520; C: ₦29,280
D. A: ₦27,000; B: ₦27,000; C: ₦45,000
Correct Answer
A
Correct Option:
A: ₦24,000; B: ₦24,000; C: ₦40,000

About This Question

This is Neco 2022 Commerce Question 11. It is one of the objective questions from the 2022 Neco Commerce examination.

Difficulty level: Medium .

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