5 Accounting for partnerships -Part B (6 marks) Blanc & Nathan use Method 1 to...
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5 Accounting for partnerships -Part B (6 marks) Blanc & Nathan use Method 1 to account for their partnership. They have agreed to share profits as follows: Blanc receives a $90,000 salary and Nathan receives a $70,000 salary. Each partner receives interest of 4% on their closing capital balances. Remaining profit is to be shared equally (50% each) between Blanc & Nathan. At 30 June 2020 Blanc's closing capital balance was $250,000 and Nathan's closing capital balance was $200,000. For the year ended 30 June 2020, the partnership made a profit of $278,000. Required Prepare workings for the allocation of profit in the table below Prepare ONLY the general journal to record the share of profit distributed to Blanc & Nathan at 30 June 2020 in the template below (Narration is NOT required)
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