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Prepare journal entry to record the division of net income

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Q1. JONATHAN Meyers contributes the following items to his newly formed partnership: cash, $475.00, Equipment, $1,300.00, Accounts Payable $200.00, and Inventory, $650.00.

Prepare the journal entry to record his contribution on august 1, 2017.

Q2. Kelly R. and Rose C. formed a partnership last year. In the agreement, each partner promises to perform services for the Partnership and to receive monthly salaries accordingly as follows: Kelly R receives a $3,500 monthly salary while Rose C. receives a $4,000.00 monthly salary. For the 2015 fiscal year, ending September 30, 2015,the Partnership earned net income of $247,00.00. If the Partnership income is divided among the partners, determine the amount allocated to each partner. Any remaining income after the annual salary is divided equally. Prepare the journal entry to record the division of net income.

Reference no: EM131966952

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