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Journalize the allocation of net income

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Reference no: EM132748103

Question: Khalid and Hashem are co-partners in the Alexandria Company. According to the partnership agreement the division of net income is 60%: 40% respectively

Capital balances on January 1, 2019 were Khalid $70,000, and Hashem $50,000.

The net income for 2019 is $40,000.

Drawings during the year were Khalid $4,000, and Hashem $5,000.

Required: (a) Journalize the allocation of net income.

(b) Prepare the equity statement.

Reference no: EM132748103

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