Appropriation account
# #
120,000
Net profit
Less: interest on capital
Taiyelolu 10% x #200,000 20,000 (30,000)
Ejire 10% x #100,000 10,000 90,000
Annual salaries:
Taiyelolu 28,000 (52,000)
Ejire 24,000 38,000
Share of profit:
Taiyelolu (#38,000/2) 19,000 (38,000)
Ejire (#38,000/2) 19,000