Ending Partner balances Burns and Allan have formed a partnership and invested $20.000 and $40,000, respectively. They have agreed to share profits as follows: 1) Burns is to receive a "salary" of $20000 and Allan is to receive a "salary" of $30,000. 2) $30,000 is to be allocated according to their original capital contributions to the partnership. 3) The remainder is to be allocated 2:3 respectively Assuming that the business had a loss of $15.000, allocate the loss to Burns and Allan.

Ending Partner balances Burns and Allan have formed a partnership and invested $20.000 and $40,000, respectively. They have agreed to share profits as follows: 1) Burns is to receive a "salary" of $20000 and Allan is to receive a "salary" of $30,000. 2) $30,000 is to be allocated according to their original capital contributions to the partnership. 3) The remainder is to be allocated 2:3 respectively Assuming that the business had a loss of $15.000, allocate the loss to Burns and Allan.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 2BCRQ

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