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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? O a. Charlo-$14,440; Domo-$9,600 O b. Charlo-$20,820; Domo-$13,880 Oc Charlo-$14,820; Domo-$9,880 O d. Charlo-$16,380; Domo-$10,920
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