Juanita Gomez and Brandi Toomey have formed the GT Partnership and have capital balances of $130000 and $100000 respectively on January 1 2017. On June 1 2017 Toomey invested an additional $30000. Also during the year Gomez withdrew $60000 and Toomey withdrew $48000. Sales for the year amounted to $360000 and expenses were $240000. Gomez and Toomey share income and losses on a 3:1 basis.
Instructions
(a) Prepare the closing entries at December 31 2017 for the GT Partnership.
(b) Prepare a partners' capital statement for 2017.

Question

Quizplus · Accepted Answer

The Answer of Juanita Gomez and Brandi Toomey have formed the GT Partnership and have capital balances of $130000 and $100000 respectively on January 1 2017. On June 1 2017 Toomey invested an additional $30000. Also during the year Gomez withdrew $60000 and Toomey withdrew $48000. Sales for the year amounted to $360000 and expenses were $240000. Gomez and Toomey share income and losses on a 3:1 basis.
Instructions
(a) Prepare the closing entries at December 31 2017 for the GT Partnership.
(b) Prepare a partners' capital statement for 2017.

Juanita Gomez and Brandi Toomey Have Formed the GT Partnership