Paper 1 May/June 2011 Accounting (9706/11) A Level

The partnership agreement of X and Y stated that interest on capital should be calculated at the rate of 10% per annum.
At the beginning of the year on 1 January, the balances on X’s accounts were: capital $50000, current $2000 debit.
On 1 July, X contributed additional capital of $20000.
On 31 December, the balance on X’s current account was $20500 credit. He had made no drawings.
What was X’s share of the residual…