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Ali, Salim and Sultan started a partnership firm on January 1, 2016. They contributed RO. 70,000, RO. 60,000 and RO. 50,000 respectively as their capitals

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Ali, Salim and Sultan started a partnership firm on January 1, 2016. They contributed RO. 70,000, RO. 60,000 and RO. 50,000 respectively as their capitals and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Sultan is to be paid a total salary of RO.14,200 per annum. It also provided that interest on capital is allowed @ 6% per annum. The net amount of profit as per the profit and loss account for the year ended 2016 was RO. 37,000. You are required to choose the share of profit or loss transferred from the profit and loss appropriation account to Sultan capital account. O a. RO 4,000 O b. RO 6,000 O c. RO 2,000 O d. None of the other options

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