FA – May 2013 – L1 – SA – Q14 – Partnership Accounts

This question is about the profit share of a partner.

Question

Bola, Emeka, and Sule are partners trading under the name BES Enterprises. They share profits or losses in the ratio of 3:2:1 respectively. The partnership made a net profit of N840,000 for the year ended 30 April 2013. What is Bola’s share of profit?

A. N300,200
B. N360,200
C. N361,000
D. N361,200
E. N362,100

Answer

D. N361,200

Explanation:
Bola’s share of profit is calculated as:
$\times N 722, 400 = N 361, 200$

Tags: Financial Reporting, Partnership, Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

Uploader: Theophilus

FA – May 2013 – L1 – SA – Q14 – Partnership Accounts

This question is about the profit share of a partner.

Our Offerings

Contact Info

My Account

Get In Touch

Conversations

Knowsia AI Assistant

FA – May 2013 – L1 – SA – Q14 – Partnership Accounts

This question is about the profit share of a partner.

Conversations

Knowsia AI Assistant

admin

Pick a Form