A-LevelAccountingPreparation of financial statements9706/12 · May/June 2023 · Q161 Mark
X, Y and Z are in partnership, sharing profits and losses in the ratio 2:2:1. X is allowed an annual salary of $10000. Y has made a loan to the partnership on which the partnership pays interest of $5000 each year. Profit for the year before appropriation was $150000. What was Z's total share of profit for the year?
A$27000
B$28.000
C$29.000
D$30000
✓ Correct answer
B: $28.000
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