Partnership net income to allocate was $28000 for the year ended 31/12/2015. The partnership agreement of...

 

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Partnership net income to allocate was $28000 for the year ended 31/12/2015. The partnership agreement of Salem, Said and Sameer provides that income is to be divided as follows: 1- Interest of 10% is allocated on weighted average capital balance for all partners. 2- Salem received a salary of S24000 and Said received a salary of $18000. 3- Bonus of 10% of partnership profits after bonus is credited to Sameer 4- The remainder is divided equally between partners. On January 1, 2015 the capital balances were Salem $200,000, Said $160,000 and Sameer $150000. Salem invested an additional $40000 on July1 and drawing $40000 on October 1. Said invested an additional $20000 on Marchl and drawing $8000 on OAugustl. Sameer was drawing $25000 on September 1. Required: Prepare a schedule to show the allocations income for the year ended 31/12/2015, with supporting calculations. Partnership net income to allocate was $28000 for the year ended 31/12/2015. The partnership agreement of Salem, Said and Sameer provides that income is to be divided as follows: 1- Interest of 10% is allocated on weighted average capital balance for all partners. 2- Salem received a salary of S24000 and Said received a salary of $18000. 3- Bonus of 10% of partnership profits after bonus is credited to Sameer 4- The remainder is divided equally between partners. On January 1, 2015 the capital balances were Salem $200,000, Said $160,000 and Sameer $150000. Salem invested an additional $40000 on July1 and drawing $40000 on October 1. Said invested an additional $20000 on Marchl and drawing $8000 on OAugustl. Sameer was drawing $25000 on September 1. Required: Prepare a schedule to show the allocations income for the year ended 31/12/2015, with supporting calculations.

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