Question

Femi and Ibrahim entered into a joint venture to trade in surplus industrial machinery, maintaining a separate set of books. They agreed to share profits and losses in the ratio of $3:2$, respectively. They opened a Joint Bank account with initial contributions of $\text{₦}1,200,000$ from Femi and $\text{₦}800,000$ from Ibrahim. Purchases paid directly from the Joint Bank amounted to $\text{₦}1,500,000$, while Femi supplied additional goods from his own business stock valued at $\text{₦}300,000$. Ibrahim paid carriage and handling expenses of $\text{₦}100,000$ from his personal bank account, and general venture expenses of $\text{₦}150,000$ were paid out of the Joint Bank. Femi was entitled to a management commission of $5\%$ on total gross sales proceeds. Total sales cash proceeds deposited into the Joint Bank were $\text{₦}2,400,000$, and the remaining unsold inventory was taken over by Ibrahim at an agreed valuation of $\text{₦}200,000$. What is the final amount in Naira ($\text{₦}$) payable to Femi from the Joint Bank Account upon final cash settlement?