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April 16, 2014

Homework Help: Profit & Loss

Posted by Peaches on Saturday, February 13, 2010 at 1:13pm.

how do i calculate this problem?

A and B are in partnership sharing profits and losses in the ratio 3:2 respectively. Profit for the year was $86,500. The partners capital and current account balance at the beginning of the year:
Current accounts A 5,750 (credit) B 1,200 (credit)
Capital accounts A 10,000 (credit) B 8,000 (credit)
As drawing during the year were $4,300, and Bs were $2,430, As and Bs current account balance at the end of the year:

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