Accounting 0452 · IGCSE · Partnerships

Partnerships — practice question

X and Y have formed a partnership, with profits shared in the ratio $2:1$. The trading profit in the first year was $33000$. X is allowed interest on capital of $2000$, and Y is paid a partner’s salary of $4000$. Interest charged on drawings is $200$ for X and $100$ for Y. Determine X’s share of the residual profit for the year.

  • A$17800
  • B$18000
  • C$18200
  • D$21000

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