O-LevelAccountingPreparation of financial statements7707/11 · May/June 2013 · Q231 Mark
X and Y are in partnership sharing profits and losses equally. The following information was extracted from their financial records at 31 December. | | $ | |---|---| | interest on capital – X | 1300 | | interest on capital – Y | 1100 | | salary – Y | 4000 | The profit for the year was $24 200. What was Y's share of the residual profit?
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A$8900
B$10200
C$12900
D$14000
✓ Correct answer
A: $8900
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