| Equity Issues and discussions related to accounting for expenses, revenues and other areas that relate to owner's or stockholders equity. |
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02-24-2010, 11:10 AM
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total share of profit for the year PLEASE HELP
can someone please help i am totally stuck on this question
 Faith, Hope and Charity are partners sharing residual profits in the ratio 3:2:1. The partnership agreement provides for interest on capital at the rate of 8% per annum, and salaries for Hope and Charity of £12,000 and £8,000 per annum respectively. The partnership made a net profit of £90,419 for the year ended 31st December 2009. The balances on the partners' capital accounts throughout the year were: Faith £22,000; Hope £20,000; Charity £15,000. What is Charity's total share of profit for the year ended 31st December 2009? |
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