Tutorial 7
1. X, Y and Z run a
Townsville based import/export business in partnership and have
done so for some years. When the business was established they
contributed differentially to the capital of the partnership. Their
individual contributions were:
X
-
$80,000
Y
-
$70,000
Z
-
$50,000
To take this into account the
partnership agreement provided that each partner was to be entitled
to receive 10% interest per annum on his or her capital
contribution. Residual profits were...