The following balances pertain to Ali and Kamal Limited Liability partnership: Beginning capital balance of Ali =
Question:
The following balances pertain to Ali and Kamal Limited Liability partnership:
Beginning capital balance of Ali = your student number
Beginning capital balance of Kamal = [4] * [your student number]
Suppose that the contract of the partnership shows the following facts
1- There is a 10% interest on the beginning capital of partners
2- The is a monthly salary of Ali $2000
3- There is a 20% bonus of Kamal of income after the bonus.
4- The remainder is divided based on the balances of beginning capital
Required:
1- Record the journal and closing entries?
2- What are the balances of ending capital?
student number: 201911918
yes
The following balances pertain to Ali and Kamal Limited Liability partnership:
Beginning capital balance of Ali = your student number
Beginning capital balance of Kamal = [4] * [your student number]
Suppose that the contract of the partnership shows the following facts
1- There is a 10% interest on the beginning capital of partners
2- The is a monthly salary of Ali $2000
3- There is a 20% bonus of Kamal of income after the bonus.
4- The remainder is divided based on the balances of beginning capital
Suppose that net income is 15% of you student number
Required:
1- Record the journal and closing entries?
2- What are the balances of ending capital?
Expert Answer:
Page 1 Capital balances Beginning Ali 201911918 Kamal 4 X 201911918 807647678 10 Journal and closin... View the full answer
