- 1 Marks
FA – May 2023 – L1 – SA – Q11 – Partnership Accounts
Calculating the share of profit for a partner with a guaranteed minimum share.
Question
Saka, Bako and Sule are in partnership sharing profits or losses in the ratio 3:2:1. During the year, the partnership divisible profit was N17,730,000. Saka, but not Bako, guaranteed Sule a minimum share of profit of N3,800,000. Calculate the share of profit of Saka.
A. N5,850,900
B. N6,965,000
C. N8,000,000
D. N8,020,000
E. N8,865,000
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