Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is?

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Use the following information to answer the given question

Baba

#

 Tunde

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Capital Accounts 1 January, 2000 40,000 50,000
Current Accounts 1 January, 2000 20,000Cr 15,000Cr
Drawings during the year 4,000 15,000
Salaries 5,000 5,000

A. N20,000
B. N10,500
C. N5,000
D. N4,000

Correct Answer: Option B

B. N10,500

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