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7. Jody and Ada are partners operating AML Solicitors and Notaries. Under the partnership agreement,...

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7. Jody and Ada are partners operating AML Solicitors and Notaries. Under the partnership agreement, Jody is allowed to draw a monthly salary of $10,000 and the partnership profit is divided in equal shares between the partners. During the year of assessment 2019/20, the partnership profit was HK$100,000 (before deducting partner's salary). How will the assessable profits be allocated between the partners? (A)Jody (profit of $40,000) Ada (profit of $50,000) (B)Jody (profit of $45,000) Ada (loss of $45,000) (C) Jody (profit of $50,000) Ada (profit of $50,000) (D)Jody (profit of $100,000) Ada (nil)

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