Neco Model Questions Vol1 2021 Commerce Question 34

Practice objective / multiple choice question 34 from the 2021 Neco Model Questions Vol1 Commerce examination.

Neco Model Questions Vol1 2021 Commerce Objective / Multiple Choice Medium Difficulty
Question 34 NECO_MODEL_QUESTIONS_VOL1 • 2021 • COMMERCE • objective

Three partners, A, B and C, invest capital of ₦(120{,}000), ₦(180{,}000) and ₦(200{,}000) respectively in a partnership for two years. The partnership agreement states that interest on capital at (5\%\) per annum will be paid to each partner before any profit is shared, and the remaining profit will be divided in proportion to the capital contributed. At the end of the two years the partnership records a net profit of ₦(300{,}000) after paying the interest on capital. How much profit does each partner receive? State your answers in naira.

Answer Options

Correct Answer A. A: ₦72,000; B: ₦108,000; C: ₦120,000
B. A: ₦100,000; B: ₦100,000; C: ₦100,000
C. A: ₦86,400; B: ₦129,600; C: ₦144,000
D. A: ₦84,000; B: ₦126,000; C: ₦140,000
Correct Answer
A
Correct Option:
A: ₦72,000; B: ₦108,000; C: ₦120,000

About This Question

This is Neco Model Questions Vol1 2021 Commerce Question 34. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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