Neco Model Questions Vol1 2023 Commerce Question 43

Practice objective / multiple choice question 43 from the 2023 Neco Model Questions Vol1 Commerce examination.

Neco Model Questions Vol1 2023 Commerce Objective / Multiple Choice Medium Difficulty
Question 43 NECO_MODEL_QUESTIONS_VOL1 • 2023 • COMMERCE • objective

Three partners A, B and C invest capital of ₦120,000, ₦80,000 and ₦100,000 respectively in a partnership. The agreement states that interest on capital at 8 % per annum is paid to each partner before profit sharing, and each partner receives a monthly salary of ₦500 for management duties. At the end of the year the partnership records a net profit of ₦150,000 before interest and salaries are deducted. Determine the total amount each partner receives at the end of the year.

Answer Options

A. A: ₦52,800; B: ₦35,200; C: ₦44,000
B. A: ₦57,800; B: ₦40,200; C: ₦49,000
C. A: ₦55,200; B: ₦38,800; C: ₦47,000
Correct Answer D. A: ₦58,800; B: ₦41,200; C: ₦50,000
Correct Answer
D
Correct Option:
A: ₦58,800; B: ₦41,200; C: ₦50,000

About This Question

This is Neco Model Questions Vol1 2023 Commerce Question 43. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Commerce examination.

Difficulty level: Medium .

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