X and Y are partners, and they divide profits and losses in the ratio 3 : 2 respectively. Interest on drawings is 5%. In the year ended 31 December, each of X and Y withdrew an amount equal to their own partner’s salary. Interest on drawings charged to X was $550, and to Y was $450. The profit for the year was $94 000, and loan interest paid to X was $3000. What was Y’s share of the residual profit?
- A$28 800
- B$29 200
- C$30 000
- D$38 000