Use the following information to answer the given questio...
Use the following information to answer the given question
AdeOkonNNFixed Capital15,00025,000Salary per annum6,0008,000Interest on capital per annum8%8%Profit or loss sharing ratio40%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 Ade's share of the profit?
N11,200
N7,120
N6,480
N5,600
N4,320
Correct answer is E
No explanation has been provided for this answer.
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