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Make the necessary journal entry to close Income Summary

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Question - Partnership accounting - Holden, Phillips, and Rogers are partners with beginning-year capital balances of $120,000, $60,000, and $60,000, respectively. Partnership net income for the year is $84,000. Make the necessary journal entry to close Income Summary to the capital accounts if:

1. The Partners agree to divide income based on their beginning-year capital balances?

2. The Partners agree to divide income based on the ratio of 5:3:2 (Holden: Phillips: Rogers), respectively?

3. The Partnership agreement is silent as to division of income and less?

Reference no: EM132736282

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