Solution-Allocate the loss to burns and allan

Allocate the loss to burns and allan

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Burns and Allan have formed a partnership and invested $30,000 and $50,000, respectively. They have agreed to share profits as follows:

1) Burns is to receive a "salary" of $30,000 and Allan is to receive a "salary" of $20,000.
2) $25,000 is to be allocated according to their original capital contributions to the partnership.
3) The remainder is to be allocated 3:4 respectivelyBurns and Allan have formed a partnership and invested $30,000 and $50,000, respectively.

Problem 1: Assuming that the business had a loss of $12,000, allocate the loss to Burns and Allan.

Reference no: EM132787039

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Allocate the loss to burns and allan

Reference no: EM132787039

Reference no: EM132787039

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