Cc.69. Partners Y and Z receive a salary of $15,000 and$30,000, respectively, and share income and losses in a2:1 ratio, respectively. If the partnership suffers a $15,000net loss in 2010, the entry to close the income or loss intotheir capital accounts is:a.b.C.d.Y, Capital 15,000Z, Capital 30,000Income Summary 45,000Y, Capital 25,000Z, Capital 10,000Income Summary 15,000Y, Capital 10,000Z, Capital 5,000Income Summary 15,000Y, Capital 20,000Z, Capital 10,000Income Summary 10,000Show detailed working please

A partnership can be defined as a unique business relationship between two or more individuals who…

Partners Y and Z receive a salary of $15,000 and $30,000, respectively, and share income and losses in a 2:1 ratio, respectively. If the partnership suffers a $15,000 net loss in 2010, the entry to close the income or loss into their capital accounts is:

Partners Y and Z receive a salary of $15,000 and $30,000, respectively, and share income and losses in a 2:1 ratio, respectively. If the partnership suffers a $15,000 net loss in 2010, the entry to close the income or loss into their capital accounts is:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2EA: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after...

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Question

Cc.69.

Partners Y and Z receive a salary of $15,000 and
$30,000, respectively, and share income and losses in a
2:1 ratio, respectively. If the partnership suffers a $15,000
net loss in 2010, the entry to close the income or loss into
their capital accounts is:
a.
b.
C.
d.
Y, Capital 15,000
Z, Capital 30,000
Income Summary 45,000
Y, Capital 25,000
Z, Capital 10,000
Income Summary 15,000
Y, Capital 10,000
Z, Capital 5,000
Income Summary 15,000
Y, Capital 20,000
Z, Capital 10,000
Income Summary 10,000
Show detailed working please

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