Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Maria and Rosie are in partnership sharing profits and losses in the ratio 3:2. Rosie is entitled to a salary of $9,000 and interest on
Maria and Rosie are in partnership sharing profits and losses in the ratio 3:2. Rosie 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:
Maria $75,000
Rosie $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 Maria is entitled to.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started