The partnership agreement of Angela and Dawn has the following provisions 1. The partners are...
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The partnership agreement of Angela and Dawn has the following provisions 1. The partners are to earn 10 percent on the average capital 2. Angela and Dawn are to earn salaries of $25,500 and $17.500, respectively. 3. Any remaining income or loss is to be divided between Angela and Dawn using a 70:30 ratio Angela's average capital is $68,000 and Dawn's is $53,000 Required: Prepare an income distribution schedule assuming the income of the partnership is (a) 590,000 and (b) $29,000, If no partnership agreement exists, what does the UPA 1997 prescribe as the profit or loss distribution percentages? (Amounts that are to be deducte from an individual partner's capital balance should be entered with a minus sign.) Angela Dawid Total 70 % 30 100X (a) Distribution of S90,000 Income Profit percentage Average capital Net Income Interest on average capital Salary Residual income (deficit) Allocato 0 0 $ 0 0 Total S 0 S g (h) Distribution of 529,000 Income O A Profit percentage Average capital Not Income Interest on average capital Salary Residual income delicit) 0 Prev 1 of Next
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