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What is ding capital balance after closing income summary

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Question 1 - What is the journal entry to record the loss absorption by the remaining solvent partners?

a. Dr. Cash Cr. Insolvent Partner's Capital Account

b. Dr. Cash Cr. Solvent Partner's Capital Account

c. Dr. Solvent Partner's Capital Account Cr. Insolvent Partner's Capital Account

d. Dr. Insolvent Partner's Capital Account Cr. Solvent Partner's Capital Account

Question 2 - Ding and Dong are partners who share income in the ratio of 3:2. Their capital balances are 40,000 and 60,000 respectively. Income Summary has a debit balance of 20,000. What is Ding's capital balance after closing Income Summary to Capital?

a. 52,000

b. 32,000

c. 28,000

d. 30,000

Reference no: EM133134502

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