Homework Answers
Answer :
(a). Journal entries to complete the closing accounts-
| Date | Particulars | Debit | Credit |
| Dec 31 | Madison's Capital | $111,000 | |
|
Income Summary |
$111,000 | ||
| (Being entry to close income summary- loss) | |||
| Dec 31 | Madison's Capital | $ 12,000 | |
|
Madison Well's Drawing |
$ 12,000 | ||
| (Being entry to close drawings a/c) |
(b).
New capital balance of Madison Well's is -
= ($ 174,000 - $ 12,000)
= $ 162,000
Capital balance of Madison Company is $ (111,000)
Therefore New Capital balance of Madison's is $ 51,000
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