Use the following information to answer the question
Use the following information to answer the question
AdeBolaNNCapital Accounts60,00040,000Current Accounts10,000Cr6,000CrDrawings8,0002,000
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is
N39,500
N30,500
N30,000
N20,500
Correct answer is D
No explanation has been provided for this answer.
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