L and M are partners in a partnership. The information below concerns the financial year. drawings: L $20000, M $30000 interest on drawings: L $1200, M $1800 interest on partner’s loan: L $8000 salary: M $20000 residual profit share: L $36000, M $18000 What was the profit for the year?
- A$71000
- B$77000
- C$79000
- D$121000