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Time recommendation: 4 minutes Business is going really well and Arbp has realised a profit of $500,000. However Brian and Eliss had a lot of
Time recommendation: 4 minutes Business is going really well and Arbp has realised a profit of $500,000. However Brian and Eliss had a lot of conflict in their personal and business relationship and thus Brian has asked for your advice on how the profit will be allocated amongst the two partners given that he did not contribute as much assets as Elissa but he did do the bulk of the business work, accounting for 80% of business service rendered. Specifically he has asked that you help him record the profit allocation to the partners of Arbp. Required: Journalise the distribution of the $500,000 profit in the the partnership. When calculating any capital contribution percentages, round to 2 decimal places (example 22.53\%) where relevant. (2 marks) Instructions: Record the general journal by selecting the correct accounts and amounts that are debited and credited. Time recommendation: 4 minutes Business is going really well and Arbp has realised a profit of $500,000. However Brian and Eliss had a lot of conflict in their personal and business relationship and thus Brian has asked for your advice on how the profit will be allocated amongst the two partners given that he did not contribute as much assets as Elissa but he did do the bulk of the business work, accounting for 80% of business service rendered. Specifically he has asked that you help him record the profit allocation to the partners of Arbp. Required: Journalise the distribution of the $500,000 profit in the the partnership. When calculating any capital contribution percentages, round to 2 decimal places (example 22.53\%) where relevant. (2 marks) Instructions: Record the general journal by selecting the correct accounts and amounts that are debited and credited
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