The amount of capital of each partner consisting of Hanna, Zahda, and Reskishows the following balances: Hanna
Fantastic news! We've Found the answer you've been seeking!
Question:
The amount of capital of each partner consisting of Hanna, Zahda, and Reskishows the following balances:
Hanna
January 2, 2018 balance of Rp. 60,000,000
Cash withdrawal on June 12, 2018 of Rp. 22,000,000
Additional investment on August 1, 2018 of Rp. 10,000,000
Zahda
January 2, 2018 balance of Rp. 10,000,000
Additional investment on July 4, 2018 amounting to IDR 35,000,000
Reski
balance January 2, 2018 IDR 30,000,000
Additional investment on August 5, 2018 amounting to IDR 20,000,000
Firm profits and losses are distributed under the following conditions:
1. Capital interest is given at 15% per year on the average capital balance of partners
2. Monthly salaries are given to Hanna, Zahda, and Reski respectively
IDR 1,000,000, IDR 800,000, IDR 600,000
3. Any profit or loss that remains after calculating the amount of capital interest
and monthly salary will be divided equally.
4. At the end of 2018 the partnership reported a net profit of
IDR 42,000,000
. Required:
a. Make a profit distribution journal!
b. If at the end of the year Hanna takes 4 months of her salary and
Caca takes all of her salary, then make a closing journal entry!
c. After making the closing entries, what is the capital balance of each partner?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: