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Prepare the partnership Statement of Changes in Equity

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Reference no: EM132898415

Problem - Partnership - The following are taken from the accounting records of JKL Partnership.

 

December 31, 20X3

December 31, 20X4

Jaimie, Capital

54,900

64,900

Kristine, Capital

53,200

63,900

Lally, Capital

44,890

50,890

The partnership generated net income of 51,600 in 20X4. According to the partnership contract, Jaimie, Kristine and Lally share profit and loss equally. The partnership contract allows each partner to withdraw 1,000 monthly. Jamie and Kristine each contributed 5,000 during the year. Lally did not make any contributions during the year.

Required -

1. Prepare the partnership's Statement of Changes in Equity.

2. Determine if any of the partners violated the partnership contract provision on drawings.

Reference no: EM132898415

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