Helgi, Gurn and Kobbi formed a partnership for the purpose of selling Troll Dolls over the Christmas
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Question:
Helgi, Guðrún and Kobbi formed a partnership for the purpose of selling Troll Dolls over the Christmas season in Reykjavik.
The capital contributions were in cash by Helgi $600, Guðrún $600 and Kobbi $600. They agreed to share profits and losses equally (1/3 each). After conducting all of their business and paying off all their debts, the partnership had $1,800 remaining.
a) Prepare a schedule to show how the $1,800 would be distributed among the three partners.
b) Assume that they had $300 remaining instead of $1,800. Prepare a schedule to show how the $300 would be distributed among the three partners.
Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077862237
6th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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