A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2010 · Q131 Mark
X and Y are in partnership, sharing residual profits and losses equally after the payments below are made. 1 2% interest is charged on partners' drawings 2 salary to Y of $10 000 The partners' drawings for the year were: X $12 000 Y $8000 The net profit for the current year is $52 000. How much will each partner receive in share of residual profits?
A$10 800
B$11 200
C$20 800
D$21 200
✓ Correct answer
D: $21 200
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