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After closing the revenue and expense accounts, the profit for the year ended December 31,2021 of the Mo & Molly partnership is $111,000. The partnership
After closing the revenue and expense accounts, the profit for the year ended December 31,2021 of the Mo \& Molly partnership is $111,000. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate salary allowances of $27,000 to Mo and $36,000 to Molly. 2. Remaining profit (loss) is to be shared on a ratio of 2:1. At the beginning of the year, Mo's capital account had a balance of $30,000 and Molly's capital account had a balance of $24,000. Mo withdrew $1,800 cash per month while Molly withdrew $3,600 per month from the partnership. Prenare a schedule to show how the nrofit will he allocated to the two nartners
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