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yes answer it with out profit because question not given it then it is zero Q2/ The following information appeared in a partnership books at
yes answer it with out profit
because question not given it
then it is zero
Q2/ The following information appeared in a partnership books at 31/12/2018: 1. The partnership consists of three partners and their share in capital as follow: Partner A share in capital 1,000,000 IQD Partner B share in capital 600,000 IQD Partner C share in capital 400,000 IQD 2. Partner A drawing was 90,000 IQD in cash, partner B drawing 50,000 IQD in cash. The average date for partner A drawings 30/4/2018, and the average drawings date for partner B 15/5/2018. 3. According to the company contract partner A has a monthly salary 6,000 IQD it received a half of them during the year. Partners decided that partner C get annual compensation 15,000 IQD. 4. Capital interest calculated according to the rate 8%, and 5% annually on drawing. 5. Profits and losses distributed among partners according to capital percentage (5:3:2). 6. Partner B introduce a loan for the company started on 1/4/2018 amounted 400,000 IQD, the partnership return the loan on 31/12/2018.The interest decided over the loan 6% annually. (8 Marks) Required: record necessary journal entries HHHHStep by Step Solution
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