Neco Model Questions Vol1 2017 Commerce Question 39

Practice objective / multiple choice question 39 from the 2017 Neco Model Questions Vol1 Commerce examination.

Neco Model Questions Vol1 2017 Commerce Objective / Multiple Choice Medium Difficulty
Question 39 NECO_MODEL_QUESTIONS_VOL1 • 2017 • COMMERCE • objective

Three partners A, B and C start a partnership with capital contributions of \(\text{₦}500{,}000\), \(\text{₦}300{,}000\) and \(\text{₦}200{,}000\) respectively. The partnership agreement provides that each partner first receives interest at 5 % per annum on his capital, and the remaining profit is shared in proportion to the capital contributions. At the end of the year the partnership records a net profit of \(\text{₦}240{,}000\) before interest. Calculate the amount each partner receives in total.

Answer Options

A. A: ₦120,000; B: ₦80,000; C: ₦40,000
Correct Answer B. A: ₦120,000; B: ₦72,000; C: ₦48,000
C. A: ₦130,000; B: ₦78,000; C: ₦42,000
D. A: ₦115,000; B: ₦75,000; C: ₦50,000
Correct Answer
B
Correct Option:
A: ₦120,000; B: ₦72,000; C: ₦48,000

About This Question

This is Neco Model Questions Vol1 2017 Commerce Question 39. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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