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Answered: - Division of Partnership Net Income (Loss) have formed a


Division of Partnership Net Income (Loss) have formed a partnership and are interested in seeing the results of various income and loss sharing arrangements before they finalize their partnership capital balances of 100,000 and 125,000 respectively. Prepare a schedule indicating the amount to be debited or credited to the credited to the capital accounts in each of the following independent situations. Be sure to designate debit or credit.

1. Net income is 60,000. Dawn receives a salary allowance of 29,000 with any remainder divided equally. Kristie....Dawn.....Total. 2. Net income is 75,000. Each partner is allowed 10% interest on beginning capital balance with any remainder divided equally. Kristie....Dawn.....Total. 3. Net income is 85,000. Kristie receives a salary allowance of 47,000; each partner is allowed a 12% interest on beginning capital balance with any remainder divided equally. Kristie.....Dawn......Total..... 4. Net income is 40,000. Use the sharing arrangement described in 3, above, Kristie....Dawn......Total......


1)

 

Particulars

 

Dawn;s Capital Account-Salary

 


 

Profit & Loss Appropriation Account

 

Amount Particulars

 

29000 By Net Income

 


 

Partner's Capital Accout-Share of Profit

 

Kristie - 15500

 

Dawn - 15500...

 


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