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
(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.