Stone and Smith had beginning capital balances of $18,000 and $13,000, respectively. The two partners fail to agree on a profit-and-loss-sharing ratio. For the first month (June 2018), the partnership has a net loss of $9,000.

Requirements

1. How much of this loss goes to Stone? How much goes to Smith?

2. The partners withdrew no assets during June. What is each partner's capital balance at June 30? Prepare a T-account for each partner's capital account.