
Concept explainers
Concept Introduction:
Allocation of profits: A partnership contract usually provides for the allocation of
Requirement-1(a):
To prepare: The
Requirement-1(b):
To prepare: The journal entry to record the partner’s Cash withdrawals
Requirement-1(c):
To prepare: The closing entries to close the withdrawal and income summary accounts
Requirement-2:
To determine: The balances of partner’s capital accounts as on Dec. 31, 2017

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