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NECO Accounting 2025 Objective — Question 12

Question 12 of 60 from the National Examinations Council (NECO) Accounting 2025 Objective paper, with the correct answer and a full explanation.

Government of Nigeria approved N30,000,000 to five local government areas: Equity basis 75%, Population basis 25%. What is the amount to be shared on an equity basis?

A. N23,500,000
B. N22,500,000Correct
C. N21,500,000

Explanation

Amount on equity basis = 75% x N30,000,000 = N22,500,000.

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