0452/12 Accounting Oct Nov 2023 Online Test | Cambridge IGCSE MCQ
Pari and Ira are in a partnership, sharing profits and losses equally.
Interest on the capital account balances is allowed at 6% per annum.
Pari is entitled to a salary of $5000 per annum.
The capital account balances at the start of the year were $60 000 for Pari and $40 000 for Ira.
The profit for the year was $27 500.
How much residual profit was credited to Pari’s current account at the end of the year?