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Prepare journal entry to allocate net income

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Question - Ali, Sam, and Lao form a partnership by investing cash of $75.000,$60,000, and $55,000, respectively. Sam will be allotted 60 percent of all profits and losses because of previous experience. Ali and Lao divide the remaining 40 percent equally. The agreement also stipulates that each partner Is, allowed to withdraw $7,500 in cash annually from the business. Net income for the period is $125.000. Prepare journal entry to allocate net income based on a partnership agreement?

Reference no: EM132251392

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