A Level Accounting (9706)•9706/13/O/N/18
Explanation
Correct residual profit calculation in partnership appropriation Steps:
- Add fixed appropriations: interest to P 1,500 + salary to Q 4,291.
- Subtract from net profit: 4,291 = $14,670 residual profit to share.
- The residual profit is the amount available for division between P and Q in their profit-sharing ratio.
- Profit-sharing ratio not provided in the account or question.
Not enough information.
Final answer: Not enough information.
Topic: Preparation of financial statements
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