A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2020 · Q141 Mark
L and M are in partnership, sharing profits and losses in proportion to their capital invested. The following information is available: capital: L 68000 M 102000 profit for the year before appropriation 28 900 drawings: L 8000 M 12000 No interest is charged on drawings up to $10000 for each partner. Interest at a rate of 5% is charged on any drawings in excess of $10000. What was L's share of residual profit?
A$11520
B$11600
C$11800
D$11960
✓ Correct answer
B: $11600
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