Reference no: EM133020250
Question - Wendy, William and Wanda are independent website developers who had been trading in active opposition to one another for some years. They decide to form a partnership, WWW Web Developers, as from 1 January 2018. The agreement set out the following basic arrangements.
Wendy to contribute $6,600 in cash, computers valued at $8,200 and debtors of $9,800.William to contribute a lease of premises used by him, such a lease to be regarded as having a capital value of $10,300, computers of $8,200 and $4,900 in cash.Wanda to contribute computers valued at $11,300 and to act as managing partner at a salary of $16,400 per year.Interest for the period is to be allowed partners at the rate of 9% p.a. on beginning capital but is not charged on drawings.Profits or losses to be shared in the same proportions as capital contributed.
Assuming in the first year that the partnership makes a profit of $53,300, show how this profit would be allocated to partners.
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: Assuming in the first year that the partnership makes a profit of $53,300, show how this profit would be allocated to partners
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