4. Abel and Baker had beginning capital balances of $20,000 and 16,000, respectively. The two...
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4. Abel and Baker had beginning capital balances of $20,000 and 16,000, respectively. The two partners fail to agree on a profit and loss ratio. For the first month (June 2008), the partnership lost $8, 000.
requirements
r1. how much of this loss goes to Abel? How much goes to Baker?
r2. the partners withdrew no assets during June. What is each partner's capital balance at June30? Prepare a t account for each partner's capital.
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