there are two question about accounting for partnerships

Accounting for Partnerships 3. The following information relates to the capital and drawing accounts of the Algoma and College partnership for the calendar year 2011: Algoma College Capital Accounts Balance, January 1, 2011 $186,000 $114,000 Additional investment, June 1, 2011 24,000 36,000 Withdrawal, July 1, 2011 - 10,000} Capital balance, December 31, 201 1' (before drawings) $210,000 $140,000 Drawing acct balance, Decemberff], 2011 $10,000 $12,000 The partnership agreement provides that the partnership income is divided equally after salary allowances of $12,000 per year for each partner and after interest allowances of 10% annual rate on average capital balances. Prepare the income allocation assuming: a. Partnership net income of $91,000. b. Partnership loss of $3,000. 4. Denomrne, Galotta and Matthews share prots and losses in the ratio of 2:3:5. They have decided to wind up their partnership. As at March 31, 2009 the balance sheet is as follows: Assets Cash $ 4,000 Other assets 20 000 $24,000 Liabilities Trade $ 5,000 Matthews, loan 2,000 Capital accounts: Denormne 4,500 Galotta 7,500 Matthews 5 000 $24,000 Required: a. Prepare a cash distribution plan for the partnership on March 31, 2009. b. During the liquidation of the partnership the following events occur: . In April 2009, non-cash assets with at book value of $8,500 are sold for $5,500 and $2,100 is paid to outside creditors. . In May 2009, the remaining non-cash assets are sold for $7,000 and the rest of the outside creditors are paid. Liquidation expenses of $3 80 are paid. Calculate the amount that each partner received in both April and May