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A Partner Has an Opening Balance on His Current Account

Question 11

Multiple Choice

A partner has an opening balance on his current account of £3,000 (debit) . He introduces £10,000 worth of capital, withdraws £28,000, obtained a partnership salary of £2,000, was awarded £500 interest on his capital and has a closing balance on the current account of £6,500. What was his profit allocation in the period after all appropriations were made?


A) £35,000
B) £29,000
C) £25,000
D) £19,000

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