9706/12 Accounting May Jun 2023 Online Test | Cambridge AS and A Level MCQ

J and K are in partnership sharing residual profits and losses in the ratio 7: 3.
Their fixed capital accounts have balances of J $\$ 40000$, K $\$ 60000$. Interest is allowed on these at the rate of 10% per year.
J is paid a salary of $\$ 40000$ per year. Profit for the year was $\$ 200000$.
What was each partner’s total share of the profit for the year?