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How much is the share of Partner B in the partnership profit

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Reference no: EM132856368

Question - A and B formed a partnership on March 1, 20x1. The partnership agreement stipulates the following:

Monthly salary allowances of 10,000 for A and 6,000 for B. Salary allowances are to be withdrawn by the partners throughout the period and are to be debited to their respective drawings accounts.

The partners share profits equally and losses on a 60:40 ratio.

1. During the period the partnership earned profit of 200,000 before salary allowances. How much is the share of Partner B in the partnership profit?

a. 120,000 b. 100,000 c. 80,000 d. 40,000

2. During the period the partnership earned profit of 100,000 before salary allowances. How much is the share of Partner B in the partnership profit?

a. 64,000 b. 60,000 c. 36,000 d. 0

Reference no: EM132856368

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