Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
| Capital | Drawings | |
| Ata | 40,000 | 8,000 |
| Bubu | 30,000 | 5000 |
| Chikum | 20,000 | – |
Net profit for the year was 40,500 and the interest on capital was 5% per annum.
A. N16,000
B. N12,000
C. N8,000
D. N4,000
Correct Answer:
Option B – N12,000
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