Neco Model Questions Vol1 2024 Commerce Question 8
Practice objective / multiple choice question 8 from the 2024 Neco Model Questions Vol1 Commerce examination.
Three partners A, B and C form a partnership. Their initial capital contributions are ₦200,000, ₦150,000 and ₦100,000 respectively. The partnership agreement states that profit is shared in proportion to the amount of capital contributed and the length of time (in months) each capital remains in the business during the financial year. During the year, partner B withdraws ₦50,000 after 6 months, and partner C adds an additional ₦50,000 after 4 months. At the end of the year the partnership records a net profit of ₦180,000. Determine the amount of profit allocated to partner A. Give your answer in Naira, rounded to two decimal places.
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About This Question
This is Neco Model Questions Vol1 2024 Commerce Question 8. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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