The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $11,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) A. $40,000 Chase Chloe Total Salaries $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Remaining income allocation fill in the blank 4 fill in the blank 5 fill in the blank 6 Total division of income $fill in the blank 7 $fill in the blank 8 $fill in the blank 9 B. $6,000 Chase Chloe Total Salaries $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Remaining income allocation fill in the blank 13 fill in the blank 14 fill in the blank 15 Total division of income $fill in the blank 16 $fill in the blank 17 $fill in the blank 18 C. $(10,000) Chase Chloe Total Salaries $fill in the blank 19 $fill in the blank 20 $fill in the blank 21 Remaining income allocation fill in the blank 22 fill in the blank 23 fill in the blank 24 Total division of income $fill in the blank 25 $fill in the blank 26 $fill in the blank 27
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.
The
If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)
A. $40,000
| Chase | Chloe | Total | |
| Salaries | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| Remaining income allocation | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| Total division of income | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 |
B. $6,000
| Chase | Chloe | Total | |
| Salaries | $fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 |
| Remaining income allocation | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
| Total division of income | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
C. $(10,000)
| Chase | Chloe | Total | |
| Salaries | $fill in the blank 19 | $fill in the blank 20 | $fill in the blank 21 |
| Remaining income allocation | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 |
| Total division of income | $fill in the blank 25 | $fill in the blank 26 | $fill in the blank 27 |
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