JAMB Accounting 2015 Objective — Question 35
Question 35 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.
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Umar and Ahmed share profits and losses equally and have capital balances of ₦40,000 and ₦60,000 respectively. If Abdullahi purchases a one-third interest with no bonus, how much will he have to contribute to the partnership?
- A. ₦33,333Correct
- B. ₦40,000
- C. ₦44,444
- D. ₦50,000
Explanation
Total capital before Abdullahi joins = 40,000+60,000 = ₦100,000. One-third of the business worth = (1/3)×100,000 = ₦33,333.
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