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Raft and Barakat organized their partnership on 1/1/2020. The following entries were made into their capital accounts during 2020 Raft Debit Credit Balance 1/1 55,000

Raft and Barakat organized their partnership on 1/1/2020. The following entries were made into their capital accounts during 2020

Raft

Debit

Credit

Balance

1/1

55,000

55,000

1/6

15,000

70,000

1/10

25,000

95,000

12/1

15,000

80,000

Barakat

1/1

45,000

45,000

1/3

10,000

55,000

9/1

15,000

40,000

1/11

10,000

30,000

1/12

40,000

70,000

If partnership profits for the year equaled $66,000, indicate the allocations between the partners under the following profit-sharing allocation conditions and journalize the required entries:

1) a salary of $15,000 is allocated to Barakat, a $10,000 salary is allocated to Raft.

2) 12% interest on weighted capital is allocated to both partners.

3) A bonus of 20% of partnership profits after (bonus, salary and interest) bonus is credited to Raft.

4) the remainder 30%Raft and70% Barakat

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