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Determine the appropriate division of net income

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Question - The beginning capital balances in the partnership of A, B and C are 300,000, 500,000 and 700,000 respectively. The partnership agreement contains the following provisions for the division of net income:

1. Partners are allowed 10% interest on their beginning capital balances.

2. A, B and C each have salary allowances of 100,000.

3. Remaining profits and losses are shared among the three partners in the ratio of their beginning capital balances.

Required - Determine the appropriate division of net income of $ 150,000 among the partners.

Reference no: EM132535508

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