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The capital accounts of Hassan Khan and Dmitri Palovich have balances of $89,000 and $62,000, respectively, on January 1, 20Y4, the beginning of the fiscal
The capital accounts of Hassan Khan and Dmitri Palovich have balances of $89,000 and $62,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On July 10, Khan invested an additional $9,000. During the year, Khan and Palovich withdrew $46,000 and $37,000, respectively, and net income for the year was $118,000. Revenues were $539,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income
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