please solve all the questions
$300,000 in profits this last year question 3 Division of Income Partner 5 & partner 6 & partner 7 made all profits are divided according to capital balances Partner 5 $50,000 Partner 6 $25,000 partner 7 $75,000 make the appropriate journal entry to allocate profits. DR CR Date Description question 8 Division of Income Scott Mike and Brian are in a partnership together. they have agreed to split profits in the following manner. a) paying a salary to each Scott 5,000.00 Mike 6,000.00 Brian 3,000.00 c) splitting the rest according to the following percentages Scott 35% Mike Brian 25% 40% At the beginning of the year they had the following capital balances Scott 150,000 Mike 200,000 Brian 100,000 The partnership made a profit for the year of $40,000 Brian a) prepare the table to showing the changes in partners capital Total Scott Mike Opening capital Net Income Salaries Remaining Closing Capital b) prepare the journal entry to distribute the profits amongst the partners Date Description DR CR question 2 Drawings using the following information compete tables and make appropriate journal entries the partnership had the following balance as of Jan 1st. Capital Partner C 250,000 Partner D 300,000 a) during the year (mar 1st) partner invested a further 50,000 into the business. make the appropriate journal entry Date Description DR CR b) at year end, (Dec 31st) the partners made the following withdrawals drawings Partner C 12,500 Partner D 11,000 DR CR Date Description c) make the appropriate year adjustment to close the drawings account Date Description - DR CR d) complete the following table to determine the new capital balance the company made $55,000 net income all profits are split equally Partner C Partner D Opening balance investments - drawings Net income closing balance $300,000 in profits this last year question 3 Division of Income Partner 5 & partner 6 & partner 7 made all profits are divided according to capital balances Partner 5 $50,000 Partner 6 $25,000 partner 7 $75,000 make the appropriate journal entry to allocate profits. DR CR Date Description question 8 Division of Income Scott Mike and Brian are in a partnership together. they have agreed to split profits in the following manner. a) paying a salary to each Scott 5,000.00 Mike 6,000.00 Brian 3,000.00 c) splitting the rest according to the following percentages Scott 35% Mike Brian 25% 40% At the beginning of the year they had the following capital balances Scott 150,000 Mike 200,000 Brian 100,000 The partnership made a profit for the year of $40,000 Brian a) prepare the table to showing the changes in partners capital Total Scott Mike Opening capital Net Income Salaries Remaining Closing Capital b) prepare the journal entry to distribute the profits amongst the partners Date Description DR CR question 2 Drawings using the following information compete tables and make appropriate journal entries the partnership had the following balance as of Jan 1st. Capital Partner C 250,000 Partner D 300,000 a) during the year (mar 1st) partner invested a further 50,000 into the business. make the appropriate journal entry Date Description DR CR b) at year end, (Dec 31st) the partners made the following withdrawals drawings Partner C 12,500 Partner D 11,000 DR CR Date Description c) make the appropriate year adjustment to close the drawings account Date Description - DR CR d) complete the following table to determine the new capital balance the company made $55,000 net income all profits are split equally Partner C Partner D Opening balance investments - drawings Net income closing balance
