case one

Adnan, Saleh and Marwan are three partners in partnerships; on 1/1/2019 you got the following information

capital

Profit loss ratio

Adnan

200,000

50%

Saleh

160,000

40%

Marwan

40,000

10%

On the same date they agree to admit kareem on partnerships by investing cash $ 120,000 by giving him 20% capital interest and profits

Instructions:- By using goodwill method record the journal entries

case 2

B and R co-partners in Company. The partnership agreement provides for: (1) salary allowances of $18,000 to B and $12,000 to R, (2) interest allowances of 10% on capital balances at the beginning of the year, and (3) the remainder equally. Capital balances on January 1, were B $80,000, and R $40,000. In 2017 partnership net income is $44,000.

Required

Prepare a schedule showing the distribution of net income