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Calculate the balance of michael current account

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Partnerships Question - 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 Michael's current account at 31 December.

Reference no: EM132854878

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