Student number - N01408324

The salary stipend for LDG was $25,000 and for AEG $35,000. Capital for LDG and AEG was a total of $105,000 and $125,000 respectively at the beginning of the year March 1, 2020. They each had amounts withdrawn from the partnership LG took out $12,000 and PG - $14,400. The allowance for interest was 4% and of course, this was on the opening capital balances. In terms of what is left, it should be divided based on the last two digits in your student number. If your student number ends with 00,04,40, for example, you would select the next digits from the left so you can get a true ratio. For example, a student number n01200474 would be on a 7:4 basis and someone who has n01288400 would need to be 8:4 basis. If you select any other numbers for the ratio, you will earn zero on this question in full. It would be best if you highlight the numbers above where you typed your student number for your own reference purposes. The loss for the partnership for the year (twelve months) was $40,000.

You will be showing in detail the profit/loss apportionment to LDG and AEG. Also prepare the necessary statement for the year.