# The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a \$10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. \$ 30,000 B. \$ 6,000 C. (\$10,000)

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### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

Chapter
Section
FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 15, Problem 2EA
Textbook Problem
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## The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a \$10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is:A. \$ 30,000B. \$ 6,000C. (\$10,000)

To determine

Concept introduction:

Journal Entry: To record the transaction occur in the business company can pass the journal entry. Journal entry is base for the complete accounting; in journal Entry Company follow the rule of debit or credit.

Partnership: When two or more person started a business in which they share profit or loss in agreed ratio and work on behalf of each other.

To calculate:

Schedule of distribution of partners profit or loss

### Explanation of Solution

 Schedule Showing distribution of profit Particulars Case 1 Case 2 Case 3 Profit or Loss 30000 6000 -10000 Less: Salary of Both Partner 10000 10000 10000 Total Profit 20000...

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