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Prepare the entries to record the distribution to partners

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Reference no: EM132768537

The capital and loan balances for partner's Bernardino, Lee and Ong are shown below. They share profits or losses in the ration of 4:4:2, respectively.

Loans Payable - Bernardino 100,000
Loans Payable - Lee 100,000
Loans Payable - Ong 150,000
Bernardino, Capital 150,000
Lee, Capital 350,000
Ong, Capital 200,000
Total 1,050,000

REQUIRED:

Problem 1: Prepare the cash priority program.

Problem 2: Assume that 250,000 cash is available for initial cash distribution, prepare the entries to record the distribution to the partners.

Reference no: EM132768537

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