Michael and George have been in partnership for several years, sharing profits and losses in...
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Accounting
Michael and George have been in partnership for several years, sharing profits and losses in the ratio 3:4. At 1 January they had the following credit balances on their capital and current accounts:
Capital $ Current $
Michael 65,000 11,486
Donald 80,000 9,637
The partnership statement of profit or loss for the year to 31 December shows a net profit of $28,595, and the partners had made drawings of $16,500 each.
Required:
Calculate the balance of Michaels current account at 31 December.
(10 marks)
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