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S, M and Z form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $ 2,000 to S and 1,500 $ to Z , Capital balances on January 1 were as follow : S $ 40,000 , M $25,000 and Z $30,000 .
Required :
Question 1: Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 15,100 and Journalize the allocation of net losses .
After you solve the questions your answer must include the following items :
Question 2: Explain in details the journal entries ( why its recorded in debit or credit side ) and the nature of account Dr or Cr and its classification Assets , liabilities , owner's equity , Revenue or expenses .
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