Accounting WAEC

The rate of interest on capital for Ade is?

Use the information below to answer this question.

Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended is Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

A. 250
B. 200
C. 300
D. 400

Correct Answer: Option C

C. 300

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