Neco 2022 Commerce Question 2

Practice objective / multiple choice question 2 from the 2022 Neco Commerce examination.

Neco 2022 Commerce Objective / Multiple Choice Medium Difficulty
Question 2 NECO • 2022 • COMMERCE • objective

Three partners A, B and C invest in a business as follows: A invests \(\text{₦}50{,}000\) for 6 months, B invests \(\text{₦}30{,}000\) for 9 months, and C invests \(\text{₦}20{,}000\) for the whole 12 months. The partnership agreement gives partner A a fixed salary of \(\text{₦}20{,}000\) before profit sharing. If the total profit for the year is \(\text{₦}240{,}000\), determine the amount each partner receives.

Answer Options

A. A: ₦108,888.89; B: ₦80,000.00; C: ₦71,111.11
Correct Answer B. A: ₦101,481.48; B: ₦73,333.33; C: ₦65,185.19
C. A: ₦140,000.00; B: ₦72,000.00; C: ₦48,000.00
D. A: ₦81,481.48; B: ₦73,333.33; C: ₦65,185.19
Correct Answer
B
Correct Option:
A: ₦101,481.48; B: ₦73,333.33; C: ₦65,185.19

About This Question

This is Neco 2022 Commerce Question 2. It is one of the objective questions from the 2022 Neco Commerce examination.

Difficulty level: Medium .

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