A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2022 · Q161 Mark
X and Y are in partnership, sharing residual profits and losses equally. Partners are charged 2% interest on their drawings. Y is entitled to a salary of $10000. The partners' drawings for the year were as shown: X $12000, Y $8000. The profit for the year was $52000. How much did each partner receive as a share of residual profits?
A$10800
B$11200
C$20 800
D$21200
✓ Correct answer
D: $21200
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