Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

For the partnership, the financial details for the year ended 30 June 2017 are: profit from operations $240\,000$; bank interest payable $21\,000$; interest on capital $15\,000$; drawings $50\,000$; partnership salaries $45\,000$. What is the remaining profit balance to be appropriated between the partners?

  • A$109\,000$
  • B$154\,000$
  • C$159\,000$
  • D$204\,000$

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