Question

b. Net income for the year ended September 30​, 2019​, is $ 102000. The first $ 40000 is allocated on the basis of relative partner capital balances. The next $ 23000 is based on​ services, with $ 13000 going to Allan and $ 10000 going to Bob. Any remainder is

shared equally. ​(Complete all answer boxes. For amounts that are​ $0, make sure to enter​ "0" in the appropriate​ column.)
Using plan​ b, prepare the partnership statement of​ partners' equity for the year ended September 30​, 2019. Assume Allan​, Bob​, and Carl each withdrew $ 7000 from the partnership during the year.
Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal

Answer 1

Statement of Partner's Equity

For the year ended September 30, 2019

Particulars	Allan	Bob	Carl	Total
Capital, October 1, 2018	9,600	12,000	18,400	40,000
Increase: Allocation on Relative Capital Balance	9,600	12,000	18,400	40,000
Increase: Allocation based on Service and Balance Equally	26,000	23,000	13,000	62,000
Subtotal	45,200	47,000	49,800	142,000
Decrease: Withdrawn from Capital Account	(7,000)	(7,000)	(7,000)	(21,000)
Capital, September 30, 2019	$ 38,200	$ 40,000	$ 42,800	$ 121,000