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The following balances pertain to Omar and Hana Limited Liability partnership: Beginning capital balance of Omar = 201812488 Beginning capital balance of Hana = [4]
The following balances pertain to Omar and Hana Limited Liability partnership:
Beginning capital balance of Omar = 201812488
Beginning capital balance of Hana = [4] * [201812488] this is Beginning capital balance
Suppose that the contract of the partnership shows the following facts
- There is a 10% interest on the beginning capital of partners
- The is a monthly salary of Omar $2000
- There is a 20% bonus of Hana of income after the bonus.
- The remainder is divided based on the balances of beginning capital
Required:
- Record the journal and closing entries?
What are the balances of ending capital?
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