Accounts - Principles of Accounts
JAMB 1997
Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20 000, N15 000 and N5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to N5 500.
Calculate the profit for Adamu?
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A.
N583
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B.
N1 000
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C.
N1 167
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D.
N1 750
Correct Answer: Option B
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