The following balances pertain to Ali and Kamal Limited Liability partnership:

Beginning capital balance of Ali = your student number

Beginning capital balance of Kamal = [4] * [your student number]

Suppose that the contract of the partnership shows the following facts

1- There is a 10% interest on the beginning capital of partners

2- The is a monthly salary of Ali $2000

3- There is a 20% bonus of Kamal of income after the bonus.

4- The remainder is divided based on the balances of beginning capital

Required:

1- Record the journal and closing entries?

2- What are the balances of ending capital?

student number: 201911918

yes

The following balances pertain to Ali and Kamal Limited Liability partnership:

Beginning capital balance of Ali = your student number

Beginning capital balance of Kamal = [4] * [your student number]

Suppose that the contract of the partnership shows the following facts

1- There is a 10% interest on the beginning capital of partners

2- The is a monthly salary of Ali $2000

3- There is a 20% bonus of Kamal of income after the bonus.

4- The remainder is divided based on the balances of beginning capital

Suppose that net income is 15% of you student number

Required:

1- Record the journal and closing entries?

2- What are the balances of ending capital?