The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives
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The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is:
A. $10,000
B. $5,000
C. ($12,000)
In addition, show the resulting entries to each partner’s capital account.
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Solution A Schedule of Divison of income Particulars Magda Sue Total Salary Allowance 700000 650000 ...View the full answer
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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