Use the following information to answer the given question
| Ade
N |
Okon
N |
|
| Fixed Capital | 15,000 | 25,000 |
| Salary per annum | 6,000 | 8,000 |
| Interest on capital per annum | 8% | 8% |
| Profit or loss sharing ratio | 40% | 60% |
The net profit for the year ended 31st December 1990 is N28,000 while drawing are N3,000 and N4,000 for Ade and Okon respectively. What is the interest on capital?
A. N6,400
B. N4,000
C. N3,200
D. N2,000
E. N1,2000
Correct Answer:
Option C – N3,200
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