MCQ O-Level Principle of account for june 06

[dasani]

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..

 

[remz]

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..

Net Profit = 24200
Less Interest on Capital (2400)

Residual Profit : 20200

Less Salary to Y : (4000)
16200

Less Share of Profit: X: 8100
Y : 8100

Y 's Share = 8100+4000= 12100