Cue and Rest are partners sharing profits and losses in the ratio of 2:1. They are allowed
Question:
Cue and Rest are partners sharing profits and losses in the ratio of 2:1. They are allowed interest at 10% per annum on capitals and loans to the partnership.
Other information is as follows.
The partnership has made a net profit for the year of $40 000.
How much is Cue's total share of the profit?
A. $24 800
B. $25 100
C. $26 800
D. $27 100
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Step by Step Answer:
To calculate Cues total share of the profit we need to consider the following components Interest on ...View the full answer
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