Question 7 Aarush, Advik and Azad are partners. The partnership agreement provides that partners will receive interest of 8% of their average capital balance and a salary allowance as follows: Aarush Advik Azad $50,000 $40,000 $40,000 Aarush, who manages the business, will receive a bonus of 25% of the profit in excess of $90 000 after partners' interest and salary allowances have been deducted. Residual profits will be divided Aarush(half Advik (one third) Azad Cone sixth) During the current year their average capital balances were as follows: Aarush Advik Azad $250.000 $150,000 $90,000 Required Prepare a schedule showing how profit will be divided among the three partners if the profit for the year before the adjustments is $320 000