Question

I'm not sure how you complete part two, Please show full work thank you

The question was: On January 1, 2015, Bob Delgado, Sandra Castell, and Stan Frey formed a partnership by investing $130,000, $110,000, and $120,000 respectively. During the remainder of the year, Bob Delgado withdrew cash of $21,000, Sandra Castell withdrew $39,000 and Stan Frey withdrew $33,000. In addition, the following schedule shows how net income is allocated. Total 126,000 Bob Delgado Sandra Castell Stan Frey Net income Salaries 24,000 15,000 24,000 Interest 6,500 5,500 6,000 Total salary and interest :.. 30,500 20,500 30,000 Remainder to be allocated: Remainder allocated between partners: 15,000 15,000 15,000 Balance of net income to be allocated: Total to be allocated to each partner: 45,500 35,500 45,000 (81,000) 45,000 (45,000) 126.000 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in the format dd/mmm (ie. 15/Jan). General Journal Page GJ2 Date Account/Explanation F Debit Credit 31/Dec Income Summary. 126,000 Bob Delgado, Capital 45,500 Sandra Castell, Capital. 35,500 Stan Frey, Capital 45,000 Marking: Congratulations, you have completed this part correctly! b) Calculate the post-closing balance in each partners' capital account. Bob Delgado, Capital... Sandra Castell, Capital Stan Frey, Capital Marking The balance in Bob Delgado, Capital should be $154,500, but you have left this blank. This will cost you 2 marks. The balance in Sandra Castell, Capital should be $106,500, but you have left this blank. This will cost you 2 marks. The balance in Stan Frey, Capital should be $132,000, but you have left this blank. This will cost you 2 marks. Total marks for this question: 4

Answer 1

Question b:

Bob Delgado Capital Account:

Closing Balance in Bob Delgado Capital Account = Opening Balance + Net Income Allocation - Drawings

Closing Balance in Bob Delgado Capital Account = $130,000 + $45,500 - $21,000

Closing Balance in Bob Delgado Capital Account = $154,500

Sandra Castell Capital Account:

Closing Balance in Sandra Castell Capital Account = Opening Balance + Net Income Allocation - Drawings

Closing Balance in Sandra Castell Capital Account = $110,000 + $35,500 - $39,000

Closing Balance in Sandra Castell Capital Account = $106,500

Stan Frey Capital Account:

Closing Balance in Stan Frey Capital Account = Opening Balance + Net Income Allocation - Drawings

Closing Balance in Stan Frey Capital Account = $120,000 + $45,000 - $33,000

Closing Balance in Stan Frey Capital Account = $132,000