Reference no: EM132519895
Question - Khalid, Dina, and Heidi are partners with capital balances of $100,000, $80,000, and $40,000, respectively. The partners agreed to share profits and losses as follows:
Salary allowances of $5,000 to Khalid, $10,000 to Dina, and $15,000 to Heidi. Interest allowances of 10% on beginning-of-year capital balances Balance to be divided equally.
Required -
a. If net income for the year is $70,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts.
b. If there is a net income for the year of $25,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts.
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