X and Y are in partnership sharing profits and losses eually.The following information is extracted from their financial records at 31 December.
X interest on capital $1300
Y interest on capital $1100
Y's salary $4000
The net profit for the year is $24200
What is Y's share of the resiual profit?
Help me..
X interest on capital $1300
Y interest on capital $1100
Y's salary $4000
The net profit for the year is $24200
What is Y's share of the resiual profit?
Help me..