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Question - Partnership profit distribution - fixed ratio
Godfrey and Taylor formed a partnership on 1 July 2018 with initial capital balances of $90 000 and $60 000 respectively. For the year ended 30 June 2019, the Profit or Loss Summary account disclosed a final debit balance of $96 000.
Required -
(a) Prepare the closing entry to transfer the profit disclosed in the Profit or Loss Summary account to the Profit Distribution account under method 1 and method 2.
(b) Prepare the closing general journal entry to distribute the profit to Godfrey and Taylor assuming they have agreed to share profits in proportion to each partner's initial capital balance under both method, variabble capital balances and fixed capital balances.
(c) Show how the partners' equity accounts would appear in the balance sheet of the partnership at 30 June 2019.
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