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Determine the division of net profit or loss

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Question - Jonathan, Oswald, and Millie formed a partnership by investing $45,000, $60,000 and $85,000 respectively. The agreed method for dividing profits and losses is as follows:

Oswald receives a salary of $10,000

6% interest on beginning capital balances

Residual profits are shared ½ Jonathan, ¼ Oswald, and ¼ Millie

Required - Determine the division of net profit or loss assuming a net profit of $126,000 for the year ended 30 June 2020.

Reference no: EM132556911

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