X, Y and Z are in partnership, sharing profits and losses in the ratio 2 :2 :1.
X is allowed an annual salary of $10000.
Y has made a loan to the partnership on which the partnership pays interest of $5000 each year.
Profit for the year before appropriation was $150000.
What was Z’s total share of profit for the year?
1 )
$27000
$28000
3 )
$29000
4 )
$30000
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