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Make a schedule showing the distribution of the profit

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Question - The partnership of Ibrahim and Rawan have the following provisions:

-Ibrahim and Rawan receive yearly salary allowances of SAR 30,000 and SAR 20,000, respectively.

-Interest is rate of 6 % on the average capital investment.

-Any remaining profit or loss is shared between Ibrahim and Rawan at a ratio of 2:1 ratio, respectively.

-Average Capital investments:  Ibrahim SAR 100,000; Rawan, 50,000

Required -

a. Make a schedule showing the distribution of the profit between the two partners assuming the partnership profit SAR 200,000.

b. Pass journal entries to allocate the profit to the partners.

Reference no: EM133173288

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