Anderson, Moore, and Bell have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: a. The first $50,000 is divided based on the partners' capital balances. b. The next $50,000 is based on service, shared equally by Anderson and Bell. Moore does not receive a salary allowance. c. The remainder is divided equally. Read the requirements. Requirement 1. Compute each partner's share of the $112,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Net income (loss) Capital allocation: Anderson Moore GILD Anderson Moore Date Bell Total Anderson, Moore, and Bell have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: a. The first $50,000 is divided based on the partners' capital balances. b. The next $50,000 is based on service, shared equally by Anderson and Bell. Moore does not receive a salary allowance. c. The remainder is divided equally. Net income (loss) allocated to the partners Requirement 2. Journalize the closing entry to allocate net income for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit

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Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.