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Raftand 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
Raftand 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 1/12 15,000 80,000 Barakat 1/1 45,000 45.000 1/3 10,000 5.000 1/9 15.000 40,000 1/11 10,000 30 000 1/12 40.000 70,000 Ifpartnership profits for the year equaled $66.000, indicate the allocations between the partners under the following profit-sharing allocation conditions andjoumalize the required entries: 1) a salary of $15,000 is allocated to Barakat, a $10.000 salary is allocated to Raf. 2) 12% interest on weighted capitalis allocated to both partners. 3) A bonus of 20% of partnership profits after (bonus salary andinterest) bonus is. credited to Raft 4) the remainder 30%Raft and 70% Barakat
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