the ratio 3:2. Georgina is entitled to a salary of $9,000 and interest on capital is paid at a rate of 8% per annum. The partners’ capital balances are: Anastasia $75,000 Georgina $60,000 The partnership statement of profit or loss for the year shows a profit of $58,500. Required: Calculate how much of the total profit is Anastasia is entitled to.
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Anastasia and Georgina are in
Georgina is entitled to a salary of $9,000 and interest on capital is paid at a rate of 8% per
annum. The partners’ capital balances are:
Anastasia $75,000
Georgina $60,000
The partnership statement of profit or loss for the year shows a profit of $58,500.
Required:
Calculate how much of the total profit is Anastasia is entitled to.
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