A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2023 · Q181 Mark
L and M are in partnership, sharing profits and losses in the ratio of 3:2 respectively. For the year ended 31 March, their statement of profit or loss showed a profit for the year of $68000. The following information relates to the partnership for the same period. interest on loan from L $400 total for both partners: interest on capital $2600 interest charged on drawings $1200 salaries $20000 How much of the residual profit will L receive?
A$26520
B$27 720
C$27960
D$28 200
✓ Correct answer
C: $27960
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