Use the following information to answer the given questio...
Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
ABABABATOTAL₦₦₦Capital20,00015,00035,000Drawings2,520−2,520Interest on drawings504−504Interest on capital2,0001,5003,500Net profit 31/12/08−−34,636
Aba's share of profit is
₦21,504
₦19,792
₦18,352
₦16,128
Correct answer is B
Share of profit = 44+3 = \{\frac{4}{7}\) = 0.5714
0.5714 x 34636 = 19,792
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