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QUESTION (i) Nathan, George, and Bill have formed a partnership and the partnership...

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Accounting

QUESTION (i)
Nathan, George, and Bill have formed a partnership and the partnership agreement states that Nathan will receive 40% of the profits and George and Bill will share the remainder equally. During the current year, the partnership earns $120,000.
What is the closing entry to record the allocation of partnership income?
ANSWER
\table[[Date,Accounts,Debit,Credit],[,Nathan, Capital,40,000,],[George, Capital,40,000,],[Bill, Capital,40,000,],[Income,,120,000],[Summary,,]]
\table[[Date,Accounts,Debit,Credit],[,Nathan, Capital,48,000,],[George, Capital,36,000,],[Bill, Capital,36,000,],[Income,,120,000],[Summary,,]]
\table[[Date,Accounts,Debit,Credit],[,Income Summary,120,000,],[\table[[Nathan,],[Capital],[George,],[Capital],[Bill, Capital]],,48,000],[,36,000,]]
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