WAEC Financial Accounting 2002 Question 37

Baba and Tunde are partners sharing profits and losses equally. Extracts from their books showed (Baba; Tunde):
Capital Accounts 1 January, 2000: N40,000; N50,000
Current Accounts 1 January, 2000: N20,000 Cr; N15,000 Cr
Drawings during the year: N4,000; N5,000
Salaries: N5,000; N5,000
Interest on capital is 10%. The net profit for the year is N40,000
The share of profit of each partner is

1. A.N20,000
2. B.N10,500
3. C.N5,000
4. D.N4,000.