Use the following information to answer the question below N Net profit 17,460 Capital account: Taiwo 50,000 Obi 40,000 Drawings Account: Taiwo 12,000 Obi 1...

Assessment: WAEC SSCE - Financial Accounting - 2018 Subject: Financial Accounting

Question 1 Report

Use the following information to answer the question below

N
Net profit17,460
Capital account: Taiwo50,000
Obi40,000
Drawings Account: Taiwo12,000
Obi10,000
Salary - Obi1,500
Interest on capital5%
Interest on drawings4%

Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Obi's share of profit is---------------

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