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What will be amount credited to capital account of partner

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Problem 1: The partnership agreement provided for a salary allowance of $6,000 per month to partner X, and the balance to be divided equally between partners X and Y. X made no additional partnership investments during the year, but withdrew $7,000 per month. Net income for the year was $120,000. The net change in X's capital account was a:

A. $12,000 increase

B. $60,000 increase

C. $54,000 decrease

D. $12,000 decrease

Problem 2: A and B are partners who share profits and losses on a 2:1 basis, respectively, after a salary allowance of $12,000 is allocated to partner B. Earnings for the period total $39,000. What will be the amount credited to the Capital account of partner A when the books are closed?

A. $7,000

B. $9,000

C. $18,000

D. $19,50

Reference no: EM132756451

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