Partnerships

On January 1, 2010, the capital balances in partnerships are Ahmad
$26,000 and Jamal $24,000. In 2018 the partnership reports net income of $30,000.
The income ratio provides for salary allowances of $12,000 for Ahmad and $10,000 to Jamal
And the remainder equally. Neither partner had any drawings in 2018
Instructions
(a) Prepare a schedule showing the distribution of net income in 2018.
(b) Journalize the division of 2018 net income to the partners

The post Partnerships appeared first on My Assignment Online.

GET HELP WITH YOUR PAPERS

CLICK HERE TO GET THIS ANSWER FROM EXPERTS DONE

WhatsApp
Hello! Need help with your assignments?