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Question - Sheridan Developments is a partnership owned by Alvaro Rodriguez and Elisabetta Carrieri. On December 31, 2020, the partners' capital balances are Rodriguez $56,080 and Carrieri $75,390. During 2021, Carrieri invested $4,080 cash into the partnership, drawings were $35,250 by Rodriguez and $52,750 by Carrieri, and profit was $77,700. Rodriguez and Carrieri share profit based on a 3:4 ratio.
Required -
1. Prepare the statement of partners' equity for the year.
2. Prepare the partners' equity section of the balance sheet at year end.
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