SY&I is a partnership owned by T. Shitang, D. Yamamoto, and J. Ishikawa, who share profits and losses in the ratio of 2:3:5. The adjusted trial balance of the partnership (in condensed form) at September 30, 2014, follows.

Required

1. Prepare the September 30, 2014, entries to close the Revenue, Expense, Income Summary, and Withdrawals accounts.

2. Using T-accounts, insert the opening Capital balances in the partner Capital accounts, post the closing entries to the Capital accounts, and determine each partner’s ending Capital balance.

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SY&I Adjusted Trial Balance September 30, 2014 Cash Noncash assets Liabilities $110,000 389,000 S 319,000 125,000 97,000 46,000 T. Shitang, capital D. Yamamoto, capital J. Ishikawa, capital T. Shitang, withdrawals D. Yamamoto, withdrawals J. Ishikawa, withdrawals Revenues Expenses Totals 99,000 81,000 40,000 928,000 796,000 $1,515,000 S1,515,000