The adjusted trial balance of the Melton and Yount Partnership for the year ended December 31, 2012, appears below:

The partnership agreement stipulates that a division of partnership net income or net loss is to be made as follows:
1. A salary allowance of $12,000 to Melton and $23,000 to Yount.
2. The remainder is to be divided equally.

Instructions
(a) Prepare a schedule which shows the division of net income to each partner.
(b) Prepare the closing entries for the division of net income and for the drawings accounts at December 31,2012.

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MELTON AND YOUNT PARTNERSHIP Adjusted Trial Balance December 31, 2012 Debit 19,000 80,000 Credit Current Assets Plant Assets Current Liabilities Long-tem Debt Melton, Capital Melton, Drawings Yount, Capital Yount, Drawings Sales Cost of Goods Sold Operating Expenses 7.000 40.000 20,000 4.000 18,000 7,000 110,000 62,000 23.000 95.000 195.000