Prepare the profit distribution for the year ended 30 june

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Question: Roger and David sharp profit in equal proprotion. Only 1 july 2018, the equity accounts stood as follows

Roger, capital $80000

Roger, retained earnings 35000

David, capital 95000

David, retained earnings 35000

Roger and david were entitled to 10% interest on capital, and David, as a manger, was entitled to a salary of $30000 P.a . During the year David withdraw $15000 in cash and Roger withdraw $25000. The profits for the year ended 30 june 2019 were $70000 before providing for interest on capital balance and for david's salary.

a) prepare the profit distribution for the year ended 30 june 2019.

Reference no: EM133265495

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