A-LevelAccountingPartnership AccountsMay/June 2014Paper 1 Q161 Mark
A partnership makes a profit for the year of $108000 before taking account of appropriations. Other financial information is as follows. X, Y, Z salary -, -, $10000 capital balance $50 000, $40000, $10000 profit sharing ratio 5, 3, 2 Interest on capital is allowed at 8% per annum. What is Z's share of the profit for the year?
A$18000
B$18800
C$28000
D$28800
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The correct answer is D. This question tests the candidate's understanding of partnership accounts within the Accountingsyllabus. The examiner's mark scheme requires...
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