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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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