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Rob Smithe and Richard Robson started a partnership on October 1, 2020. Rob invested $62,000 and Richard invested $77,000 and agreed to share profits and
Rob Smithe and Richard Robson started a partnership on October 1, 2020. Rob invested $62,000 and Richard invested $77,000 and agreed to share profits and losses using the following allocation: 1. Yearly salary of $40,000 to Rob and $60,000 to Richard. 2. Interest allowance of 10% on initial investments 3. Splitremainingamount50/50 The partnership incurred a loss of $24,000 for the year ended October 31, 2021. Determine the division of loss and record the entry to close the income summary account at year end
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