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How much income should be allocated to each partner

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Reference no: EM133048311

Problem - A partnership comprised of two partners has the following information regarding income and loss allocation:

 

Partner #1

Partner #2

Initial investment

30,000

40,000

Salary allowance

25,000

20,000

Interest allowance in initial investment

10%

10%

Remainder

50%

50%

In its first year of business, the partnership generates an income of 80,000. Prepare a schedule showing how much income should be allocated to each partner.

Reference no: EM133048311

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