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April 21, 2014

Homework Help: accounting

Posted by jessie on Wednesday, June 8, 2011 at 2:17pm.

kindly please help me.

B1, G1, and P1 formed a partnership. They agreed that B1 will receive a bonus of 10% of partnership net income. B1 and G1 will receive salary allowances of $10,000 and $8,000, respectively, and the remaining income is allocated equally.
Net income amounts to $60,000 for 2010 and $12,000 for 2011.

Instructions:

a.Prepare a schedule showing distribution for 2010 and 2011 income
b. Prepare a journal entry for allocation of entry for 2010 and 2011.

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