Solution-Post the closing entries to the capital? accounts

Post the closing entries to the capital? accounts

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Reference no: EM133113553

Question - SAC and Company is a partnership owned by K. Savard?, R. Abel and J. Carlton?, who share profits and losses in the ratio of ?1:2?:4. The adjusted trial balance of the partnership? (in condensed? form) at June? 30, 2020?, follows.

SAC and Company Adjusted Trial Balance 30-Jun-20
Account	Debit	Credit
Cash	$163,000
Noncash assets	805,000
Liabilities		$690,000
K. Savard, capital		156,000
R. Abel, capital		283,000
J. Carlton, capital		434,000
K. Savard, withdrawals	128,000
R. Abel, withdrawals	272,000
J. Carlton, withdrawals	321,000
Revenues		752,000
Expenses	626,000
Totals

Required -

1. Prepare the June? 30, 2020?, entries to close the? Revenue, Expense, Income? Summary, and Withdrawals accounts.

2. Using? T-accounts, insert the opening balances in the? partners' Capital? accounts, post the closing entries to the Capital? accounts, and determine each? partner's ending Capital balance.

Reference no: EM133113553

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Post the closing entries to the capital? accounts

Reference no: EM133113553

Reference no: EM133113553

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