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2) Fultz and Hardy from a partnership, investing OMR 40,000 and OMR 80,000, respectively Determine their shares of net income or net loss for each

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2) Fultz and Hardy from a partnership, investing OMR 40,000 and OMR 80,000, respectively Determine their shares of net income or net loss for each of the following situations: a. Net loss is OMR 90,000 and the partners have agreed contribution ratio b. Net income is OMR 60,000, and the partnership agreement states that the partners share profits on the basis of equal c. Net income is OMR 100.000. The first OMR 60.000 is shared on the basis of partner capital balances. The next OMR30.000 is based on partner services, with Fultz getting 40% and Hardie 60%. The remainder is shared equally

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