Please answer asap. Anabelle White and Jason Green are in partnership. At...
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Anabelle White and Jason Green are in partnership. At 1st July 2020 the balances in their Owner's Equity accounts were as follows: White Capital White Retained Earnings $72 000 $20 000 Green Capital Green Retained Earnings $52 000 $18 000 Their partnership agreement states: 1. White is to receive a salary of $45 000 and Green a salary of $35 000 2.Each partner is to receive interest on their capital of 2% 3. Partners are to pay 5% interest on any drawings amounts over $5 000. Additional Information: 1. The partnership made a profit of 146 000 for the year ended 30th June, 2021. 2. White withdrew $10000 cash on 1st January, 2021 and Green withdrew $11000 on 1st October 2020. Required: a. Prepare the Profit Distribution Statement to allocate the profit for the year ending 30th June, 2021. Use a table as illustrated below: 9 Marks Profit and Loss Distribution Statement for year ended 30th June, 2021 White Green Total b. Prepare the Retained Earnings Ledger Accounts for Green and White. 4 Marks C. Prepare an extract from the Statement of Financial Position to indicate the Equity for both Green and White. 2 Marks
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