Stump and Bail are in partnership. Stump has lent the partnership $10 000 on which he is
Question:
Stump and Bail are in partnership. Stump has lent the partnership $10 000 on which he is entitled to interest at 10%. He is also entitled to a salary of $12 000 per annum. Profits and losses are shared equally. The partnership has made a net loss of $25 000.
How much is Stump's share of the loss?
A. $500
B. $5500
C. $6000
D. $6500
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Step by Step Answer:
To calculate Stumps share of the loss we need to consider his entitlements and share of the partner...View the full answer
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