Anton, Berty and Carol are in partnership without an agreement.However, Carol is entitled to rent from the partnership at £2,000 per month, while Berty hasprovided a loan of £50,000 to the partnership at 5% interest per annum.The partnership profit for the year ended 31 December 2021, without deducting rent payable toCarol and any interest to Berty, is £438,400.Identify the share of residual partnership profit each partner is entitled to.
Anton, Berty and Carol are in partnership without an agreement.However, Carol is entitled to rent from the partnership at £2,000 per month, while Berty hasprovided a loan of £50,000 to the partnership at 5% interest per annum.The partnership profit for the year ended 31 December 2021, without deducting rent payable toCarol and any interest to Berty, is £438,400.Identify the share of residual partnership profit each partner is entitled to.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
Related questions
Question
Anton, Berty and Carol are in
However, Carol is entitled to rent from the partnership at £2,000 per month, while Berty has
provided a loan of £50,000 to the partnership at 5% interest per annum.
The partnership profit for the year ended 31 December 2021, without deducting rent payable to
Carol and any interest to Berty, is £438,400.
Identify the share of residual partnership profit each partner is entitled to.
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