In respect of the year ended 31 March 2012, partners Andy, Berty and Camron have been told
Question:
In respect of the year ended 31 March 2012, partners Andy, Berty and Camron have been told that the partners’ entitlements are as stated.
Required:
(a) Identify the amount of the partnership profit in the year ended 31 March 2012.
(b) Camron points out that the appropriation has failed to take into account a guarantee he was given, when he joined the partnership three years earlier, that his share of profit would be at minimum £20,000 per annum. Taking the guarantee into account, identify the amount of current year’s profit each partner will be able to draw out.
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a The amount of the partnership profit in the year ended 31 March 2012 is 89465 This is calculated b...View the full answer
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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