GCE Financial Accounting 1990 Question 18

Abid and Onik were in partnership sharing profit in the ratio 3:2. Their respective capitals were ₦4,000 and ₦2,000 and their drawings ₦1,800 and ₦1,200. Profit during the year was ₦5,400; before 5% interest on capital. No interest was chargeable on drawings.

What was Onik's share of the profit for the year?

1. A.₦1,200
2. B.₦1,800
3. C.₦2,040
4. D.₦3,060
5. E.₦3,240