JAMB Accounting 2012 Objective — Question 37

Question 37 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 37 and 38. The partner's capital are: Modibbo ₦60,000 and Jakata ₦90,000. The partners share profit and losses in the ratio of their capital contributions. The net profit for the year is ₦120,000. Find Modibbo's share of the profit.

A. ₦62,000
B. ₦48,000Correct
C. ₦44,000
D. ₦43,000

Explanation

Profit sharing ratio = 60,000:90,000 = 2:3. Modibbo's share = (2/5)×120,000 = ₦48,000.

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