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Shahid and Kareena are in partnership, sharing profits in the ratio of 1:2, after charging salaries of $6,000 each partner in each accounting year. On 1 July 2013, they agreed to change the profit-sharing ratio to 1:1 and to increase each partner’s salary to $9,000 per year. For the year ended 31 December 2013, the partnership profit amounted to $240,000. Profits are made evenly throughout the year. What are the partner’s total share of profit to be posted their respective current accounts for the year ended 31 December 2013?
Please help me solve. I am not acknowledged about answer too.
Partnership accounting is not examinable in Paper FA (and has not been examinable for well over 10 years!!).
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