Accounting 0452 · IGCSE · Partnerships

Partnerships — practice question

John and Mark are partners in a partnership. Their profits and losses are divided in the ratio 3:2. John receives an annual salary of \$12. The profit for the year ending 31 August 2020 amounted to \$520. How much would be credited to the partners’ current accounts on 31 August 2020?

  • AJohn’s current account: \$240; Mark’s current account: \$160
  • BJohn’s current account: \$260; Mark’s current account: \$260
  • CJohn’s current account: \$310; Mark’s current account: \$200
  • DJohn’s current account: \$360; Mark’s current account: \$160

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