Question
Basel and Sami are in partnership sharing profits in a 3:2 ratio. Net profit for the year ended 31.12.2015 was $12,000. Interest on capital was
Basel and Sami are in partnership sharing profits in a 3:2 ratio. Net profit for the year ended 31.12.2015 was $12,000. Interest on capital was allocated as $400 to Basel and $250 to Sami. Sami received a partnership salary of $5,000. How much was Basels share of profit?
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Financial Accounting And Reporting
Authors: Barry Elliott, Jamie Elliott
15th Edition
0273760882, 9780273760887
