John and Jane are partners in a business. Their capital balances on January 1, 2024,...
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Accounting
John and Jane are partners in a business. Their capital balances on January 1, 2024, were ?100,000 and ?80,000 respectively. During the year, John withdrew ?10,000 and Jane withdrew ?8,000. The partnership earned a net income of ?50,000, which is to be divided in the ratio of their original capital balances. Calculate the closing capital balances for both John and Jane.
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