The following transactions are shown in the records of A partner's capital and drawing accounts: A, capital 1. Beginning balance, 100,000 2. Correction of understement of prior year's income, 10,000 3. Additional invetsment, 240,000 A, drawing 1. Temporary withdrawals, 60,000 2. Partnership debts paid by A, 90,000 3. Partnership claims collected and retained by A, 20,000 The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A. Required: 1. Prepare the T-accountrs for A's capital and -account for A's drawing. Determine their respective ending balances.
The following transactions are shown in the records of A partner's capital and drawing accounts:
A, capital
1. Beginning balance, 100,000
2. Correction of understement of prior year's income, 10,000
3. Additional invetsment, 240,000
A, drawing
1. Temporary withdrawals, 60,000
2. Partnership debts paid by A, 90,000
3. Partnership claims collected and retained by A, 20,000
The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A.
Required:
1. Prepare the T-accountrs for A's capital and -account for A's drawing. Determine their respective ending balances.
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)