Assume the partnership income-sharing agreement calls for income to be divided with a salary of $34,000 to Coburn and $25,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income

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28-02-2020
Business

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Assume the partnership income-sharing agreement calls for income to be divided with a salary of $34,000 to Coburn and $25,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income

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Supabrain Supabrain · Answer 1 · 2020-02-29T05:08:02+01:00

Answer:

JOURNAL ENTRY

SALARY

Debit partnership income summary account $59,000; credit capital accounts : Coburn and Webb 34000 ; 25000 respectively.

SHARE PROFIT

Debit partnership income summary account 100% ; credit capital accounts of Coburn 35% , Webb 65%

Explanation:

Salaries are not deducted in the revenues in the profit and loss section and are not included in other salaries but are taken as distribution from the partnership's income account