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-   -   Statement of changes in partner's capital (https://www.askmehelpdesk.com/showthread.php?t=384977)

  • Aug 9, 2009, 09:41 AM
    anamonica_11
    Statement of changes in partner's capital
    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
  • Aug 10, 2009, 03:06 AM
    morgaine300

    Post your answers and let someone look at them and guide you from there.

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