A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2020 · Q141 Mark
John and Brian are in partnership sharing profits and losses equally. John receives a salary of $2000 per annum. Brian loaned the business $5000. He is entitled to interest of 5% per annum. The profit for the year before appropriation was $24000. During the year John took drawings of $3000. What will be the amount of residual profit Brian will receive for the year?
A$9375
B$10875
C$11000
D$11250
✓ Correct answer
C: $11000
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