Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A and B are in partnership sharing profits in a 3:2 ratio. Net profit for the year ended 31.12.20X5 was 12,000. Interest on capital was

image text in transcribed

A and B are in partnership sharing profits in a 3:2 ratio. Net profit for the year ended 31.12.20X5 was 12,000. Interest on capital was allocated as 400 to A and 250 to B. B received a partnership salary of 5,000. How much was A's share of profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Corporate Finance

Authors: Laurence Booth, Sean Cleary

3rd Edition

978-1118300763, 1118300769

Students also viewed these Accounting questions