Partnership Entries and Statement of Partnership Equity The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $64,000 and $99,000, respectively, on January 1, 20Y4, the beginning of the fisca year. On March 10, Grecco invested an additional $11,000. During the year, Grecco and Rosenfeld withdrew $43,000 and $53,000, respectively, and net income for the year wat $84,000. Revenues were $654,000, and expenses were $570,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. BE Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank. 88 b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. an amount is zero or a blank, enter in 0. Grecco and Rosenfeld Statement of Partnership Equity For the Year Ended December 31, 20Y4 Balances, January 1, 2014 Additional investment during the year Net income for the year Withdrawals during the year Balances, December 31, 2014 Lorraine Grecco Carrie Rosenfeld Total

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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.