Reference no: EM132828260
Question - The following transactions are shown in the records of A partner's capital and drawing accounts:
A, capital
1. Beginning balance, 100,000
2. Correction of understement of prior year's income, 10,000
3. Additional invetsment, 240,000
A, drawing
1. Temporary withdrawals, 60,000
2. Partnership debts paid by A, 90,000
3. Partnership claims collected and retained by A, 20,000
The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the share of A.
Required -
1. Prepare the T-accounts for A's capital and -account for A's drawing. Determine their respective ending balances.
2. Make the journal entries to close the income summary account and to close the drawing account.
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