Reference no: EM132623993
S, M and Z form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $ 2,000 to S and 1,500 $ to Z , Capital balances on January 1 were as follow : S $ 40,000 , M $25,000 and Z $30,000 .
Required :
Question 1: Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 38,300 and Journalize the allocation of net income .
After you solve the questions your answer must include the following items :
Question 2: Explain in details the journal entries ( why its recorded in debit or credit side ) and the nature of account Dr or Cr and its classification Assets , liabilities , owner's equity , Revenue or expenses .
Question 3: - Define partnerships and explain it's types , characteristics and compare it with similar organizations .
Question 4: - Explain the methods of profits and losses allocation .
Question 5: - Illustrate how the partners can admit or withdraw from the partnerships .
Question 6: - Define The Fair value and re-evaluation for assets and liabilities .
Question 7: Explain how can grant a bonus to old and new partner
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How calculate the net income allocation to each partner
: How Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 38,300 and Journalize the allocation of net income
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