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Question # 1 (5 Marks) a) Lama, Lina, and Leen are partners in a firm. Partners' capital during 2020 show the following: Lama Lina Leen
Question # 1 (5 Marks) a) Lama, Lina, and Leen are partners in a firm. Partners' capital during 2020 show the following: Lama Lina Leen Capital, January 1,2020 40000 45000 45000 Add: Additional investment 1/4/2020 10000 6000 Less: Deduction 1/5/2020 6000 Add: Additional investment 1/7/2020 4000 7000 Less: Deduction 1/10/2020 5000 10000 During 2020, the partnership earned net income $80000. leen's share of profit if the partners share profits and losses based on the Average Partners' capital balances during the year..... b) Sara, Sawsan and Sozi are partners in a firm. partners share net income based on ending partners' capital balances. Their capital on 1/1/2020 $140,000, $120,000, $100,000, respectively. During 2020, the partnership earned net income of $80,000. Sara reduces her capital of $40,000, Sawsan made drawings of $20,000, and introduced additional capital of $25,000. While Sozi reduce her capital of $5,000. Sozi's share of the net income is
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