Calculate each partners share of the profit for current year

Prepare journal entries to record the allocation of profit using the Variable and Fixed method

Partners Benny, Sarah and James and have been in partnership since 2010. The partnership profit for the year ended 30 June 2015 was $200 000 and the partners' capital balances were as follows: Partner Benny 50 000 Sarah 75 000 James 125 000 The partners share profits and losses as follows: The first $ 100 000 is divided based on the partners' capital balances. The next $40 000 is based on service, shared equally by Benny and Sarah. The remainder is divided equally