Neco Model Questions Vol1 2017 Commerce Question 43

Practice objective / multiple choice question 43 from the 2017 Neco Model Questions Vol1 Commerce examination.

Neco Model Questions Vol1 2017 Commerce Objective / Multiple Choice Medium Difficulty
Question 43 NECO_MODEL_QUESTIONS_VOL1 • 2017 • COMMERCE • objective

Three partners A, B and C form a partnership. Their capital contributions are \(\text{₦}120,000\), \(\text{₦}80,000\) and \(\text{₦}100,000\) respectively. Profits are to be shared in proportion to the capital contributions, but if the net profit exceeds \(\text{₦}200,000\), an additional \(10\%\) of the excess amount is to be distributed equally among the three partners. In the first year the partnership records a net profit of \(\text{₦}260,000\). Determine the amount each partner receives, giving your answers in naira to the nearest naira.

Answer Options

A. A: ₦88,667; B: ₦62,000; C: ₦75,334
B. A: ₦104,000; B: ₦69,333; C: ₦86,667
Correct Answer C. A: ₦82,000; B: ₦55,333; C: ₦68,667
D. A: ₦86,000; B: ₦59,333; C: ₦72,667
Correct Answer
C
Correct Option:
A: ₦82,000; B: ₦55,333; C: ₦68,667

About This Question

This is Neco Model Questions Vol1 2017 Commerce Question 43. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

View More Neco Model Questions Vol1 2017 Commerce Questions More Neco Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support