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Alpha and Omega, partners, have been in the business of accounting services. For the accounting period ended July 31, 2022, the following information was
Alpha and Omega, partners, have been in the business of accounting services. For the accounting period ended July 31, 2022, the following information was provided: Alpha's capital $360,000 Omega's capital Omega's salary Alpha's drawings Omega's drawings Alpha's interest on capital Omega's interest on capital Alpha's interest on drawings Omega's interest on drawings $240,000 $2,500 per month (from January 1, 2022) $20,000 $25,000 10% 10% 5% 5% Net profit for the period ended July 31, 2022 - $53,250. There is no profit sharing ratio.
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