JAMB Principles of Accounts 1997 Question 39

Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of ₦9 000. In one accounting period, the business recorded a loss of ₦1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be

1. A.Faruk, (₦450); Osawe, (₦1 050)
2. B.Faruk, (₦3 150); Osawe, (₦7 350)
3. C.Faruk, (₦2 250); Osawe, (₦5 250)
4. D.Faruk, (₦8 550); Osawe, (₦1 050).