The capital balances of Hobbs and Shaw at January 1 , 2 0 2 2 are P
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Question:
The capital balances of Hobbs and Shaw at January are P and P respectively in Goggles Company.
On March Hobbs invested an additional P During the year, Hobbs and Shaw withdrew P and P
respectively. The company earned a net income of There was no stipulation in the partnership agreement
as to the profit and loss sharing but it was provided that beginning capital balances will earn interest.
Calculate the distribution of net income showing necessary computations.
Give the journal entries to close the income summary and the drawing accounts.
Compute the ending capital balances as of December
Related Book For
Differential Equations And Linear Algebra
ISBN: 9780134497181
4th Edition
Authors: C. Edwards, David Penney, David Calvis
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