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EXERCISE 2 Partnerships Anastasia and Georgina are in partnership sharing profits and losses in the ratio 32. Georgina is entitled to a salary of $9,000
EXERCISE 2 Partnerships Anastasia and Georgina are in partnership sharing profits and losses in the ratio 32. Georgina is entitled to a salary of $9,000 and interest on capital is paid at a rate of 8% per annum. The partners' capital balances are: Anastasia $75,000 Georgina $60,000 The partnership statement of profit or loss for the year shows a profit of $58,500. Required: Calculate how much of the total profit is Anastasia is entitled to. (10 marks)
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