Puff and Smoke agreed to share profits and losses in their partnership on a 7:3 basis, respectively, after a salary allowance of $25,000 is allocated to Puff. Earnings for the period total $115,000. What will be the total amount credited to Puff's Capital account when the Income Summary account is closed?

 

Answer rating: 100% (QA)

To calculate the total amount credited to Puffs Capital account when the Income Summary account is c... View the full answer