WAEC Financial Accounting 2001 Question 39

Ali and Baba are in partnership sharing profits and losses in the ratio of 3 : 2 respectively. Net Profit for the year was N4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows (Ali; Baba):
Interest on capital: 5%; 5%
Partner's salary: N500,000; N300,000
Capital Account b/d: N5,000,000; N4,000,000
Current Account b/d: N400,000; N500,000
Partner's Drawings: N2,300,000; N500,000
What is Ali's share of profit?

1. A.N1,650,000
2. B.N1,600,000
3. C.N1,280,000
4. D.N1,100,000.