A-LevelAccountingPreparation of financial statements9706/12 · May/June 2021 · Q121 Mark
L and M are partners sharing profits and losses equally. This year M's share of the profit is $18000. Next year they plan to change the partnership agreement so that L has an annual salary of $10000 and a one-third share of any profits or losses. What does the total partnership profit for next year need to be for M to receive the same amount of profit as this year?
A$22000
B$34 000
C$37.000
D$42000
✓ Correct answer
C: $37.000
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