Question

Sola and Haruna entered into a joint venture to trade in agricultural produce, maintaining a separate set of books. Profits and losses are shared in the ratio $3:2$ respectively. Sola deposited ₦1,200,000 and Haruna deposited ₦800,000 into a Joint Bank Account. Purchases paid directly from the Joint Bank Account amounted to ₦1,500,000, while Sola supplied additional goods valued at ₦300,000 from his private business stock. Carriage expenses of ₦100,000 were paid from the Joint Bank Account, and Haruna paid selling expenses of ₦50,000 from his personal funds. Total sales proceeds of ₦2,600,000 were paid into the Joint Bank Account. At the conclusion of the venture, Haruna took over unsold stock valued at ₦150,000, and was allowed a $5\%$ commission on total sales proceeds for managing operations. What is the final amount payable to Sola from the Joint Bank Account in full settlement of his account?