Question

Helgi, Gurn, & Kobbi form a partnership to sell troll dolls in Reykjavik, Iceland.Helgi, & Gurn each invest $600to start the partnership.The three members agree to share profits and losses equally (1/3 each).This is true even though Kobbi makes no Capital Contribution.Kobbi is a super-salesperson and is welcomed into the partnership by Helgi, & Gurn.The plans are that the partnership is to be in business from 11/25/20 until 12/25/20.So after the Christmas season they will dissolve the partnership and distribute any remaining cash to the partners based on the proper allocation.Prepare a proper schedule showing the partners capital account changes and the final distribution of cash assuming:

1)The partnership has $1,800 cash remaining;

2)The partnership has $300 cash remaining.