Neco 2023 Commerce Question 1

Practice objective / multiple choice question 1 from the 2023 Neco Commerce examination.

Neco 2023 Commerce Objective / Multiple Choice Medium Difficulty
Question 1 NECO • 2023 • COMMERCE • objective

Three partners A, B and C run a business. Their capital contributions are \(\text{₦}40,000\), \(\text{₦}60,000\) and \(\text{₦}100,000\) respectively. Interest on capital is charged at \(10\%\) per annum. In addition, A receives a salary of \(\text{₦}12,000\) and B receives a salary of \(\text{₦}8,000\). After one year the net profit before distribution is \(\text{₦}150,000\). Determine the total amount each partner receives (including interest, salary and profit share).

Answer Options

A. A: ₦30,000; B: ₦45,000; C: ₦75,000
B. A: ₦52,667; B: ₦50,667; C: ₦46,667
Correct Answer C. A: ₦38,000; B: ₦47,000; C: ₦65,000
D. A: ₦42,000; B: ₦53,000; C: ₦75,000
Correct Answer
C
Correct Option:
A: ₦38,000; B: ₦47,000; C: ₦65,000

About This Question

This is Neco 2023 Commerce Question 1. It is one of the objective questions from the 2023 Neco Commerce examination.

Difficulty level: Medium .

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