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Maxfield and McPherson formed a partnership by investing 110,000 and 90,000 respectively. Maxfield withdrew 12,000 in drawings during the year and McPherson withdrew 10,000. The partnership had a final profit of 30,000 in the first year
1. Maxfield and McPherson agreed to 60:40 sharing of profit
2. The partners agree to recognize a 12,000 per year salary allowance to Maxfield and an 8,000 per year salary allowance to McPherson
3. Interest on the initial capital investment is allowed for each partner at the rate of 8%. The same rate is charged on drawings for year
Required
Problem 1. Provide the journal entries to record the allocation of profit under method 2: fixed capital accounts. Show working to support your answer
Problem 2. Show the balance of the partner's equity accounts at the 30 June 2020
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