The following information is extracted from the books of partnership of A and B Capital...

The following information is extracted from the books of partnership of A and B

Capital account: (a)₦160,000 (b) ₦80,000
Drawings account: (a) 40,000 (b) ₦2400
Interest on capital: 5%
Interest on drawings: 10%
Net profit for the year: ₦120,000
Profit or loss sharing ratio: (a) Two-thirds (b) one-third
Required: calculate
(A) the profile to be shared by the partners for the year
(B) A's share of the profile
(C) B's share of the profile?

In Federal College Of Education (Technical) Omoku (Affiliated to University of Uyo)
0 Answers Available
Asked by Richard on 4th August, 2023