Ojo, Sam and Ade are in partnership sharing profit in the...
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are
Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950
The rate of interest on capital for Ade is
250
200
300
400
Correct answer is C
Interest on drawings:
Ojo = 5% × 1000 = ₦50
Sam = 5% × 2000 = ₦100
Ade = 5% × 900 = ₦45
Interest on Capital:
Ojo = 5% × 5000 = ₦250
Sam = 5% × 4,000 = ₦200
Ade = 5% × 6000 = ₦300
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