Harry and Hanson were partners in a firm sharing profits and losses in the ratio 3:2. Their capital was $300,000 and $150,000 respectively and they were entitled to interest on capital of 25% per annum. At the end of the firm’s financial year December 31, 2019, the firm earned profit of $180,000 after allowing for interest on capital. Given this information, the profits that will be distributed among the partners will be:
Select one:
a. Harry - $45,000; Hanson - $22,500
b. Harry - $40,500; Hanson - $27,000
c. Harry - $120,000; Hanson - $60,000
d. Harry - $108,000; Hanson - $72,000
Answers: 2
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Harry and Hanson were partners in a firm sharing profits and losses in the ratio 3:2. Their capital...
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