anamonica_11
Aug 9, 2009, 09:41 AM
An adjusted trial balance at the year-end was given in the problem including the
Cash
Accounts receivable
Allowance for bad debts
Accounts payable
Loans to Al
Loans from Col
Capital of the partners (credit)
Partner's drawings (debit)
Income summary (credit)
How can I prepare the statement of changes in partner's capital when they have an agreement like:
Monthly salary of 5,000 to Al
10% interest on their ending capital balance
Balance at 20%, 30% and 50% to Al, Bal and Col, respectively
When Al and Bal made an additional of 50,000 and 25,000 respectively during the year.
Please help me on how to solve the statement of changes in partner's capital, I've been doing this almost the whole day but I doubt my answers. Thanks so much
Cash
Accounts receivable
Allowance for bad debts
Accounts payable
Loans to Al
Loans from Col
Capital of the partners (credit)
Partner's drawings (debit)
Income summary (credit)
How can I prepare the statement of changes in partner's capital when they have an agreement like:
Monthly salary of 5,000 to Al
10% interest on their ending capital balance
Balance at 20%, 30% and 50% to Al, Bal and Col, respectively
When Al and Bal made an additional of 50,000 and 25,000 respectively during the year.
Please help me on how to solve the statement of changes in partner's capital, I've been doing this almost the whole day but I doubt my answers. Thanks so much