Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob’s share of profit?

By: |Published on: Jun 5|Categories: Accounting WAEC| 0 comments

A. N10,000
B. N8,000
C. N5,000
D. N4,000

Correct Answer: Option C

C. N5,000

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