Case 1:: Industrial Industrial Capitalist Capitalist
Case 1:: Industrial Industrial Capitalist Capitalist
Case 1:: Industrial Industrial Capitalist Capitalist
Journal Entry:
Income Summary 600,000
Jen, Drawing 360,000
Ding, Drawing 180,000
Josh, Drawing 60,000
Journal Entry:
Income Summary 600,000
Jen, Drawing 360,000
Ding, Drawing 120,000
Josh, Drawing 120,000
CASE 3: eash industrial partner will get 10% of the partnership's net income
and the balance shall be distributed to the capitalist according
to their capital contribution
600,000 (75%) + 200,000 (25%) = 800,000
Journal Entry:
Income Summary 600,000
Jen, Drawing 360,000
Ding, Drawing 180,000
Josh, Drawing 60,000
DR Bal. of Income Summary is 100,000
CASE 1: ABH Profit and loss sharing is 60:30:10
Journal Entry:
Alto, Drawing 75,000
Bonita, Drawing 25,000
Income Summary 100,000
CASE 3: eash industrial partner will get 10% of the partnership's net income
and the balance shall be distributed to the capitalist according
to their capital contribution
Journal Entry:
Alto, Drawing 60,000
Bonita, Drawing 30,000
Hermosa, Drawing 10,000
Income Summary 100,000