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Calculate the amount of profit received by each partner

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Mr. James, Jason & Ivan are in a partnership. The capital invested by each partner is $ 50,000, $30,000 & $ 20,000 respectively on the 1st of January 2020. However, Ivan entered into the partnership on the 30th of June 2019. At the end of the financial year the interest paid on capital total is $ 23,400 which is 6% of the total profit. The remaining profit is divided in the ratio given above (based on their respective contribution to capital investment).

Calculate:

Question (a) Total profit & profit attributable to the partners (available for distribution).

Question (b) The amount of profit received by each partner

Reference no: EM132511742

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