Question

Partners a and b receive a salary of $30,000 and $60,000, respectively, and share income and losses in a 2:1 ratio, respectively. if the partnership suffers a $30,000 net loss in 20x5, the entry to close the income or loss into their capital accounts is:

Answer 1

Answer:
Partners a and b receive a salary of $30,000 and $60,000, respectively, and share income and losses in a 2:1 ratio, respectively. if the partnership suffers a $30,000 net loss in 20x5, the entry to close the income or loss into their capital accounts is: