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15 marks Q-30 X, Y and Z are partners with capital balances of $700,000, $200,000,...

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Accounting

15 marks Q-30 X, Y and Z are partners with capital balances of $700,000, $200,000, and $100,000, respectively. Loss for the year is $100,000. Prepare the necessary journal entries to close Income Summary to the capital accounts if:(a) The partners agree to divide income based on their beginning-of-year capital balances. (b) The partners agree to divide income based on the ratio of 5:3:2, respectively.(c) The partnership agreement is silent as to division of income.
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Q-30 X, \\( Y \\) and \\( Z \\) are partners with capital balances of \\( \\$ 700,000, \\$ 200,000 \\), and \\( \\$ 100,000 \\), respectively, Loss for the year is \\( \\$ 100,000 \\). Prepare the necessary journal entries to close Income beginning-of-year capital balances.(b) The partners agree to divide income based on the ratio of \\( 5: 3: 2 \\), respectively.(c) The partnership agreement is silent as to division of income

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