Sydney carried on a retail trade with a capital of £400,000 as at 1 July 2011, in premises owned by Carton, paying rent agreed at £5,000 per month. As from 1 January 2012 Carton was admitted to 40% of partnership profit, on the basis of the following agreement:

(a) Goodwill of the business, valued at £100,000, should not appear in the books of the business.

(b) Carton should bring in £200,000 as his capital.

(c) Sydney should receive a salary of £2,000 per month.

(d) Rent on premises belonging to Carton should be reduced to £1,000 per month.

(e) Interest should be allowed on capital accounts at 6% per annum.

Profit for the year to 30 June 2012, after charging rent only up to 1 January 2012, and without deducting any amount due to either Sydney or Carton under the partnership agreement, has been ascertained to be £150,000. Assume that profit accrued evenly throughout the year.

Required: 

Show the appropriation of profit for the year ended 30 June 2012 among the partners.