Jonathan, Oswald, and Millie formed a partnership by investing $45,000, $60,000 and $85,000 respectively. The...
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Accounting
Jonathan, Oswald, and Millie formed a partnership by investing $45,000, $60,000 and $85,000 respectively. The agreed method for dividing profits and losses is as follows:
- Oswald receives a salary of $10,000
- 6% interest on beginning capital balances
- Residual profits are shared Jonathan , Oswald, and Millie
Required: Determine the division of net profit or loss assuming a net profit of $126,000 for the year ended 30 June 2020.
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