GCE Accounting 2025 Objective — Question 9

Question 9 of 60 from the General Certificate of Education (GCE) Accounting 2025 Objective paper, with the correct answer and a full explanation.

Drawings during the year: Okon N80,000, Yusuf N100,000; Salaries: Yusuf N100,000; Net profit for the year N800,000. The profit shared to each partner is

A. N210,000
B. N160,000
C. N120,000

Explanation

Net profit N800,000, less interest on capitals (N80,000+N100,000=N180,000) and salary to Yusuf (N100,000), leaves N520,000 to be shared equally; after further adjustment for drawings, the source key gives N105,000 to each partner.

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