Bagwell, McWilliams and Briand have capital balances of $24000, $36000 and $60000, respectively. The partners share...
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Bagwell, McWilliams and Briand have capital balances of $24000, $36000 and $60000, respectively. The partners share profits and losses as follows: a The first $50 000 is divided based on the partners' capital balances. b The next $50000 is based on service, shared equally by Bagwell and Briand. McWilliams doesn't receive anything. c The remainder is divided equally. Requirements 1. Calculate each partner's share of the $112000 profit for the year. 2. Journalise the closing entry to allocate the net profit for the year. Bagwell, McWilliams and Briand have capital balances of $24000, $36000 and $60000, respectively. The partners share profits and losses as follows: a The first $50 000 is divided based on the partners' capital balances. b The next $50000 is based on service, shared equally by Bagwell and Briand. McWilliams doesn't receive anything. c The remainder is divided equally. Requirements 1. Calculate each partner's share of the $112000 profit for the year. 2. Journalise the closing entry to allocate the net profit for the year.
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ANSWER A ANSWER B Profit and Loss Appropriation account Parti... View the full answer
Related Book For
Accounting
ISBN: 978-0132569309
9th Edition
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv
Posted Date:
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