2. C. Smyth and D. Curry have set up a limousine service. Each partner invested $90 000 in the business. The partners share profits and losses in a fixed ratio of 40:60. In year 1, the partnership had a loss of $70,000. Prepare the journal entry to distribute the loss to the partners. Date Particulars P.R. Debit Credit

2. C. Smyth and D. Curry have set up a limousine service. Each partner invested $90 000 in the business. The partners share profits and losses in a fixed ratio of 40:60. In year 1, the partnership had a loss of $70,000. Prepare the journal entry to distribute the loss to the partners. Date Particulars P.R. Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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