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Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ...


Question

Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are ₦20 000, ₦15 000 and ₦5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to ₦5 500.Calculate the profit for Adamu?

Options

A)
₦583
B)
₦1 000
C)
₦1 167
D)
₦1 750

The correct answer is B.


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