Use the following information to answer the giv... - WAEC Accounting 1993 Question
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \ & \text{ - Johnson} & N10,000 \ Drawings & \text{ - John} & 2,000 \ & \text{ - Johnson} & 3,000 \ \text{Interest on capital} & & \text{5%} \ \text{Interest on drawings} & & \text{10%} \ Profit & & N6,000\end{array}\)
What is John's share of the profit?
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \ & \text{ - Johnson} & N10,000 \ Drawings & \text{ - John} & 2,000 \ & \text{ - Johnson} & 3,000 \ \text{Interest on capital} & & \text{5%} \ \text{Interest on drawings} & & \text{10%} \ Profit & & N6,000\end{array}\)
What is John's share of the profit?
A
N5,000
B
N3,600
C
N3,000
D
N2,400
correct option: c
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