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How much net income did the partnership earn in that period

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Question: 1. Jake and Ness are partners who agree that Jake will receive a $60,000 salary allowance and that any remaining income or loss will be shared equally. If Ness's capital account is credited for $1,000 as his share of the net income in a given period, how much net income did the partnership earn in that period?

2. Mintz agrees to pay Bogg and Heyer $10,000 each for a one-third (331 ⁄3%) interest in the Bogg and Heyer partnership. Immediately prior to Mintz's admission, each partner had a $30,000 capital balance. Make the journal entry to record Mintz's purchase of the partners' interest.

Reference no: EM131534207

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