A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2024 · Q171 Mark
A partnership provided the following information for the year. $: gross profit 76 000 operating costs 30 000 bank interest 1 300 interest on partner’s loan 600 interest on capital 5 600 interest on drawings 2000 What were the profit for the year and the residual profit shared by the partners?
Aprofit for the year: $44 100, residual profit: $40 500
Bprofit for the year: $44 100, residual profit: $47 700
Cprofit for the year: $44 700, residual profit: $40 500
Dprofit for the year: $44 700, residual profit: $47 700
✓ Correct answer
A: profit for the year: $44 100, residual profit: $40 500
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