A partner whose liability goes beyond his capital is known as
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