On December 31, 2011, Mohammed and Meshal formed a partnership, and they agreed to share profit...
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On December 31, 2011, Mohammed and Meshal formed a partnership, and they agreed to share profit or loss equally. The partnership net income is $36,000 and the selected information related to the partners' capital are as follows: Total Withdrawals 2011 Balance January 1 Investments 2011 Drawings 2011 Mohammed Capital (15,000) $ 60,000 (5,000) Meshal Capital $45,000 10,000 (5,000) (15,000) $105,000 10,000 (10,000) Required: Prepare a statement of partnership capital for Mohammed and Meshal at year end 2017, and record the closing entries of net income (assume income summary account is used) and drawings. On December 31, 2011, Mohammed and Meshal formed a partnership, and they agreed to share profit or loss equally. The partnership net income is $36,000 and the selected information related to the partners' capital are as follows: Total Withdrawals 2011 Balance January 1 Investments 2011 Drawings 2011 Mohammed Capital (15,000) $ 60,000 (5,000) Meshal Capital $45,000 10,000 (5,000) (15,000) $105,000 10,000 (10,000) Required: Prepare a statement of partnership capital for Mohammed and Meshal at year end 2017, and record the closing entries of net income (assume income summary account is used) and drawings.
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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