The profit for the year before charging interest on capital amounted to N5 500 – Calculate the profit for Adamu?

Adamu, Babaji and Chukwu are in partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20 000, N15 000 and N5 000 on which on which they are entitle to interest at 5% per annum. The profit for the year before charging interest on capital amounted to N5 500.

Calculate the profit for Adamu?

A N583

B N1 000

C N1 167

D N1 750

Answer is B

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