Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
|
ABA ₦ |
BABA ₦ |
TOTAL ₦ |
|
|---|---|---|---|
| Capital | 20,000 | 15,000 | 35,000 |
| Drawings | 2,520 | - | 2,520 |
| Interest on drawings | 504 | - | 504 |
| Interest on capital | 2,000 | 1,500 | 3,500 |
| Net profit 31/12/08 | - | - | 34,636 |
Aba's share of profit is
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