Curtis and Sillett are in partnership, sharing profits in the ratio 3:2 and compiling their accounts to 30 June each year. On 1 January 2015, Mcallister joined the partnership, and from that the date the profit sharing ratio became Curtis 50%, Sillett 25% and Mcallister 25%, after providing for salaries for Sillet and Mcallister of $20,000 and $12,000 pa respectively. The partnership profit for the year ended 30 June 2015 was $480,000, accruing evenly over the year. What are the Partners' total profit shares for the year ended June 2015? A. O Curtis - 256,000 , Sillet - 162,000 , Mcallister - 62,000 B. O Curtis - 264,000 , Sillet - 156,000 , Mcallister - 60,000 C. O Curtis - 264,000 , Sillet - 166,000 , Mcallister - 66,000 D. O Curtis-248,000 , Sillet - 168,000 , Mcallister - 64,000

Curtis and Sillett are in partnership, sharing profits in the ratio 3:2 and compiling their accounts to 30 June each year. On 1 January 2015, Mcallister joined the partnership, and from that the date the profit sharing ratio became Curtis 50%, Sillett 25% and Mcallister 25%, after providing for salaries for Sillet and Mcallister of $20,000 and $12,000 pa respectively. The partnership profit for the year ended 30 June 2015 was $480,000, accruing evenly over the year. What are the Partners' total profit shares for the year ended June 2015? A. O Curtis - 256,000 , Sillet - 162,000 , Mcallister - 62,000 B. O Curtis - 264,000 , Sillet - 156,000 , Mcallister - 60,000 C. O Curtis - 264,000 , Sillet - 166,000 , Mcallister - 66,000 D. O Curtis-248,000 , Sillet - 168,000 , Mcallister - 64,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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