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H. Abdulla (beginning capital $12.500) and S. Ahmadi (beginning capital $20.000) are partners. During 2020 the partnership earned net income of $15,000, and H. Abdulla

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H. Abdulla (beginning capital $12.500) and S. Ahmadi (beginning capital $20.000) are partners. During 2020 the partnership earned net income of $15,000, and H. Abdulla made drawings of $3750 while S. Ahmadi made drawings of $5000. Prepare journal entries to record allocation of net income. (6 Marks) Instructions: a. Assume the partnership income-sharing agreement calls for income to be divided 55% to H. Abdulla and 45% to S. Ahmadi. Prepare the journal entry to record the allocation of net income. (1.5 Marks) b. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $7.500 to H. Abdulla and $5,000 to S. Ahmadi with the remainder divided 55% to H. Abdulla and 45% to S. Ahmadi. Prepare the journal entry to record the allocation of net income. (1.5 Marks) C. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $10,000 to H. Abdulla and $7.500 to S. Ahmadi, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (1.5 Marks) d. Compute the partners' ending capital balances under The assumption in part (c), (1.5 Marks)

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