Reference no: EM132757981
Question: Use the following information for the next two cases: A&B
Partnership earns profit of ?240,000 in 20x1. The movements in the capital accounts of the partners are shown below: A, capital Jan. 1 (cr)120,000 , May 1 (dr) 20,000 , Aug.1 (cr) 10,000, Oct.1 (dr)10,000 B capital Jan.1 (cr) 80,000, May 1 (dr) 10,000, July 1 (cr) 20,000 , Oct. 1 (dr) 5,000
Case 1: Compute for the partners' respective shares if profits are to be divided based on average capital.
Case 2: Compute for the partners' respective shares if the partners are entitled to 20% interest on the ending balances of their capital accounts and any remainder is shared equally. Prepare tables for each partners computation of averaging capital and another table for distribution of profits and loss.
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