Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of ₦25,000 and ₦15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of ₦1,500 and ₦1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of ₦2,500 were incurred with gross profit of ₦6,500 during the financial year.
The balance of profit and loss account will be?
Options
A) ₦4,000
B) ₦2,800
C) ₦1,500
D) ₦300
The correct option is A
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