Articles of partnership


X and Y have original investments of $47,176 and $107,850 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $28,803 and $30,420 respectively, and the remainder equally. How much of the net income of $118,415 is allocated to X?

a.$28,803

b.$47,176

c.$55,365

d.$59,208

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Accounting Basics: Articles of partnership
Reference No:- TGS071138

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