Neco Model Questions Vol1 2021 Commerce Question 39

Practice objective / multiple choice question 39 from the 2021 Neco Model Questions Vol1 Commerce examination.

Neco Model Questions Vol1 2021 Commerce Objective / Multiple Choice Medium Difficulty
Question 39 NECO_MODEL_QUESTIONS_VOL1 • 2021 • COMMERCE • objective

A partnership earned a total profit of \(\text{₦}1,200,000\) for the year. The partners receive salaries of \(\text{₦}50,000\), \(\text{₦}30,000\) and \(\text{₦}20,000\) respectively. The remaining profit is divided in proportion to their capital contributions of \(\text{₦}500,000\), \(\text{₦}300,000\) and \(\text{₦}200,000\) respectively. Determine the final profit (salary plus share) of each partner A, B and C.

Answer Options

A. A ₦540,000; B ₦397,000; C ₦264,000
B. A ₦650,000; B ₦390,000; C ₦260,000
Correct Answer C. A ₦600,000; B ₦360,000; C ₦240,000
D. A ₦550,000; B ₦330,000; C ₦220,000
Correct Answer
C
Correct Option:
A ₦600,000; B ₦360,000; C ₦240,000

About This Question

This is Neco Model Questions Vol1 2021 Commerce Question 39. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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