John and Jane have capital account balances at the end of the year of
$100 000 and $80 000 respectively.Profit of the partnership is $70 000.The profit and loss sharing agreement calls for 1)a salary of $20,000 to John and $10,000 to Jane,2)10 % p.a.interest on capital balances,3)the residual profit to be split 70 - 30 in favour of John.What is John's share of the distribution?

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The Answer of John and Jane have capital account balances at the end of the year of
$100 000 and $80 000 respectively.Profit of the partnership is $70 000.The profit and loss sharing agreement calls for 1)a salary of $20,000 to John and $10,000 to Jane,2)10 % p.a.interest on capital balances,3)the residual profit to be split 70 - 30 in favour of John.What is John's share of the distribution?

John and Jane Have Capital Account Balances at the End