Question: Please answer only if you are 100%sure. show to calculation properly. Dont post the same answer already posted by someone esle. Thank you 11. AGF
11. AGF partnership begins its first year of operation with the following capital balances and profit and loss percentages: Able Capital $ 60,000 (20%) Green Capital $80,000 (30%) Frank Capital $ 100,000 (50%) Each partner is allocated interest of 5% on beginning capital balances. Green is allocated salary of $20,000 for the full year. Frank is allocated salary of $10,000 for the full year. Able is not allocated salary. Each partner has drawings of $30,000 in the first year. Assume that partnership net income in the first year is $200,000, Prepare a schedule solving the ending balance in each of the partner's capital accounts at the end of the year
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