Partnerships (Appendix) Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership.

Question:

Partnerships (Appendix) Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in On January 1, 2010, their capital balances were as follows:
Lewis, Capital ...$20,000
Jamal, Capital .....50,000
Lapin, Capital .....30,000
During 2010, Lewis withdrew $5,000; Jamal, $12,000; and Lapin, $9,000. Income for the for 2010 was $50,000.

Required
If the partners agreed to allocate income equally, what was the ending balance in each of their capital accounts on December 31, 2010?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...