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Charlo and Domo are in partnership sharing profits and losses in the ratio 3:2. Net profit for the period is $40,000. Domo receives a
Charlo and Domo are in partnership sharing profits and losses in the ratio 3:2. Net profit for the period is $40,000. Domo receives a salary of $4,000 per year. Charlo and Domo were charged $300 and $400 respectively for interest on drawings, and received $1,200 and $800 respectively for interest on capital. What would be the allocation of remaining profits between the partners? a. Charlo - $14,440; Domo - $9,600 b. Charlo $20,820; Domo - $13,880 Charlo - $14,820; Domo - $9,880 d. Charlo $16,380; Domo - $10,920
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