Accounts (Principles of Accounts)Partnership accountsJAMB
Ada and Bola are partners sharing profits and losses in the ratio 3:2. For the year, net profit was ₦250,000. Interest on capital: Ada ₦10,000, Bola ₦6,000. Bola is entitled to a salary of ₦24,000.
What is the residual profit shared in the profit ratio?
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Answer: C. ₦210,000
250,000 − interest (10,000 + 6,000) − salary 24,000 = ₦210,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.