Journal $-$ Page $30$

Date

$20-$

Accounts and Explanation

PR

Debit

Credit

Task $1\mathrm{.}1$: Booth, Good and Wood are partners, sharing all profits and losses equally. Show the entry to allocate the net income or net loss under the

following unrelated situations: $($a$)$ net income of $$45000($b$)$ net loss of $$15000.$

Task $1\mathrm{.}2$: Kelly and Paino are partners who earn an annual salary of $$10000$ and $$15000$ respectively, and have an income ratio of $4$:$3.$ Show the entry to

allocate the net income, based on the following unrelated situations: $($a$)$ net income of $$55000($b$)$ net income of $$20000($c$)$ net loss of $$8000.$

Task $1\mathrm{.}2$ Calculations: