Case four: (15 marks)

Raft and Barakat organized their partnership on 1/1/2020. The following entries were made into their capital accounts during 2020

Raft
	Debit	Credit	Balance
1/1		55,000	55,000
1/6		15,000	70,000
1/10		25,000	95,000
12/1	15,000		80,000
Barakat
1/1		45,000	45,000
1/3		10,000	55,000
9/1	15,000		40,000
1/11	10,000		30,000
1/12		40,000	70,000

If partnership profits for the year equaled $66,000, indicate the allocations between the partners under the following profit-sharing allocation conditions and journalize the required entries:

1) a salary of $15,000 is allocated to Barakat, a $10,000 salary is allocated to Raft.

2) 12% interest on weighted capital is allocated to both partners.

3) A bonus of 20% of partnership profits after (bonus, salary and interest) bonus is credited to Raft.

4) the remainder 30%Raft and70% Barakat