Given:
Net profit b/d…………………N10,000
Interest on capital:…M………..N2, 000
…………………..K………..N1, 000
Partners’ on salary….K………..N800
Interest on drawings…M………..N500
Profit sharing ratio M and K 3:2
Determine M’s share of profit?
A 6,280
B 4,020
C 2,820
D 2,280
Answer is B
