Faruk and Osawe are in partnership sharing prof... - JAMB Accounting 1997 Question
Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of N9 000. In one accounting period, the business recorded a loss of N1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be?
A
Faruk, (N450); Osawe, (N1 050)
B
Faruk, (N3 150); Osawe, (N7350)
C
Faruk, (2 250); Osawe, (N7 350)
D
Faruk, (N450); Osawe, (N1 050)
correct option: d
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