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Question (2): (10 Marks) The partnership agreement of Aya, Layal and Karine provides for the division of distributing net income is as follows: 1-
Question (2): (10 Marks) The partnership agreement of Aya, Layal and Karine provides for the division of distributing net income is as follows: 1- Aya, who manages the partnership, is to receive a salary of $1,000 per month. 2- Layal receives a bonus of 10% of income if the income after salary is greater than $10,000. 3- Each partner is to be allowed interest at 10% on average capital balances.. 4- Remaining profits or losses are to be divided 20%, 30% and 50% to Aya, Layal and Karine, respectively. 5- The partnership has a net profit of $20,000. The changes of partnership capital, during the year, were as follows: 1
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