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Prepare an appropriation statement for the partnership

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Reference no: EM132914014

Mary and Johns run a business together and are organized as a partnership to which each has contributed $ 70,000 in capital. During their accounting years they made a profit of $120,000. Drawings amounted to $7,000 for Mary and $9,000 for Johns.

Their partnership agreement stipulates the following:

  1. A profit sharing ratio of 2:3
  2. Eight percent interest on capital
  3. Ten percent interest charged on drawings
  4. Mary receives a salary of $20,000 per annum

Required:

Problem 1: Prepare an appropriation statement for the partnership.

Reference no: EM132914014

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