Use the following information to answer the question below
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
Ogah Ajem Capital Account 60,000 65,000 Current Account 40,000 50,000 Drawings 20,000 30,000 Salary 10,000 – Net profit was 100,000
A. 65,000
B. 60,000
C. 42,000
D. 40,000
Correct Answer:
Option D = 40,000
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