Chapter 7 Partnerships TX-UK FA2023
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Why was the 8,000.00 of his salaries ignored, Period up to July 31?
4 months profits 40000
8 months profits 80000
out of annual 120000
before change
28000 12000 = 4 months = 40,000
after change
64000 16000 = 8 months = 80,000
64000 is the the 80% of Elizabeth for 8 months profits after change. So proportionally 16000 is Henrys. Why Henry has 12800 then in your calculations?
figured out that we deducted salaries from profits