Anastasia and Georgina are in partnership sharing profits and losses in the ratio 3:2. Georgina...
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Accounting
Anastasia and Georgina are in partnership sharing profits and losses in the ratio 3:2. Georgina is entitled to a salary of $9,000 and interest on capital is paid at a rate of 8% per annum. The partners capital balances are:
Anastasia $75,000
Georgina $60,000
The partnership statement of profit or loss for the year shows a profit of $58,500.
Required:
Calculate how much of the total profit is Anastasia is entitled to.
(10 marks)
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