Calculate the division of profit to each partner

Reference no: EM132970269

During the fiscal year ended November 30, 2020, the profit for Scriven's & Bernier Partnership was $84,000. The partners, A. Scrivens and D. Bernier, share profits and losses in a 3:5 ratio respectively.

(a) Calculate the division of profit to each partner.

(b) Prepare entries to close the income summary and drawings accounts assuming the partners withdrew $35,000 each during the year.

Reference no: EM132970269

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