W AutoSave Off Document2 - Word Search (Alt+Q) rajeenakarki@gmail.com File Home Insert Draw Design Layout References Mailings Review View Help Comments Share A A Aa v E E Find v T () body indent body-order-par Book Title Replace Dictate Editor Paste BIU ab x, x A x v A x Select Undo Clipboard Font Paragraph Styles Editing Voice Editor Page 8 of 10 14C Sunny Question 7 Vanessa, Valentina and Victoria are independent website developers who had been trading in active opposition to one another for some years. They decide to form a partnership, "Triple V Webbers", as from 1 June 2021. The agreement set out the following basic arrangements. 1. Vanessa to contribute $16 000 in cash, computers valued at $20 000, and debtors of $24 000. 2. Valentina to contribute a lease of premises used by him, such a lease to be regarded as having a capital value of $25 000, computers of $20 000 and $12 000 in cash. 3. Victoria to contribute computers valued at $27 500 and to act as managing partner at a salary of $40 000 per year. 4. Interest for the period is to be allowed partners at the rate of 8% p.a. on beginning capital but is not charged on drawings. 5. Profits or losses to be shared in the same proportions as capital contributed. Required (a) Prepare the journal entries necessary to open the records of the partnership. (b) Assuming at the end of the first year (30 June, 2022) the partnership makes a profit of $130 000, prepare a schedule to show how this profit would be allocated to partners. Click utan have to nutnu taut 1719 words English (Australia) Accessibility: Investigate (5+ 6 = 11 marks) Focus 26 ENG 10:26 US 18/06/2022 00%