ACCOUNTING

JAMB 2004 - Question 40

Account 2004 JAMB Past Questions - Question 40: Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provide 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2. Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year What is Kunle's share of the profit?

Choose the most appropriate option for the gap .
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provide 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2. Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year
What is Kunle's share of the profit?
A:
B:
C:
D:
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Correct Answer

D

Explanation

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