Profit for the year is $40 000, partners' salaries are 12000 and interest on capital is $16000.
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Profit for the year is $40 000, partners' salaries are 12000 and interest on capital is $16000. Calculate the amount of residual profits.
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To calculate the amount of residual profits for the year we need to subtract ...View the full answer
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Related Book For 
Cambridge International AS And A Level Accounting
ISBN: 9781444181432
1st Edition
Authors: Ian Harrison
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