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

Preparation of financial statements — practice question

The financial statements for a partnership provide the following details: profit from operations $160000$ interest on bank loan $14000$ interest credited to capital accounts $15000$ drawings $70000$ partnership salaries $24000$ What amount of profit is left to be appropriated among the partners?

  • A$66000$
  • B$107000$
  • C$121000$
  • D$137000$

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