.11 T-Mobile Wi-Fi 3:59 AM 74%--+ 201 8 Acc 102-Chapter 12 (Partners 1 A and B form the AB pazenezshlp. Aecording to the agzeement A contributed 50,000 in cash while B contributed 570,000. Make the journal entry to form the partnership under the following assumptions ) The agreement was silent about allocating capital balances specified that capital balances will be allocated equally )The agreenent specified that capital balances will be allocated eq ally and the gi method wi11 be used 2 Uaing the infornation fzom quest Lon la above, the paztnezs in the AB partnership agreed that profits and losses wi13 be shared as follows Salary55,000 525, 000 zatereas partners get 10% interest on beginning capital balanc Beaua-Partner A geta a bonus of 15% of fet income generated Remaining profit or loas shared equally ssume that after the first year of operation, the AB partnership generated: ) Net income 11) Net 100,000 70,000 S (60.000 a) For each of the incone/10 anount above, determine the partners share of the income or 1 b) Prepaze the end of year elosing entrles )Determine the ending capital balances for each partner Open With Print '11 T-Mobile Wi-Fi 3:59 AM 74%--+ 20 18 Acc 102-Chapter 12 (Partners Net Income100,00 a) Determine the partners share of the income or Loss b) Peepaze the end of year closing enteies c) Determin, the ending capital balance# for each Partner t Income70,000 al Determine the partners share of the income or loss b Prepaze the end of year closing entries c) Determine the ending capital balances for each partner Open with Print '11 T-Mobile Wi-Fi 3:59 AM 74%--+ 20 18 Acc 102-Chapter 12 (Partners." Net Incone 0,000) a) Determine the partners share of the income or loss b) Peepaze the end of year eloslng enteles c Determine the ending capital balances for each partner The partners of the PO partnership agree to adnit a new partner (R) into the partnership, Below is information about the partnership inediately before itting R. tProfit/los..haring ratio R agrees to pay S35.000 for 20% interest in the partnership, Make the journal entry to admit R assuming that the payment ia made to a) the exiating partners and the bonus nethod is used Open with Print l T-Mobile Wi-Fi 3:59 AM 201 8 Acc 102-Chapter 12 (Partners b the partnarahie and the bous methed is used c the exiating partners and the good1 method is ssed dthe partnezahia and the gaadwili athads used Open with Print