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Calculate each partner share of the profit for current year

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Question - Partners Kim, Shirin and Clinton and have been in partnership since 2010. The partnership profit for the year ended 30 June 2017 was $200 000 and the partners' capital balances were as follows:

Partner $

Kim 50,000

Shirin 75,000

Clinton 125,000

The partners share profits and losses as follows:

The first $100 000 is divided based on the partners' capital balances.

The next $40 000 is based on service, shared equally by Kim and Shirin.

The remainder is divided equally.

Required -

a) Calculate each partner's share of the profit for current year.

b) Prepare journal entries to record the allocation of profit using the Variable and Fixed method.

Reference no: EM132769419

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