Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership. On January
Question:
Lewis, Capital.................$20,000
Jamal, Capital...................50,000
Lapin, Capital...................30,000
During 2012, Lewis withdrew $5,000; Jamal, $12,000; and Lapin, $9,000. Income for the partnership for 2012 was $50,000.
Required
If the partners agreed to allocate income equally, what was the ending balance in each of their capital accounts on December 31, 2012?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton
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