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The phoroah partnership reported profit of $68,400 for the year ended February 29,2024. Salary allowances are $51,300 for H.Garca and $28,500 for S.Wlker. Interest allowances
The phoroah partnership reported profit of $68,400 for the year ended February 29,2024. Salary allowances are $51,300 for H.Garca and $28,500 for S.Wlker. Interest allowances of 5% are calculated on each partner's opening capital account balance. Capital account balances at March 1,2023 were as follows:
H. Garcia $82,000 (Cr.) Any reminder is shared equally.
Calculate the division of profit to each partner.
Profit allocated to partners $. H Garcy ? $ S.Walker?
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