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1 year ago

Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500

Business

1 answer:

slava [35]1 year ago

4 0

The entry is record in book as

Date Particular L.F. Dr. Amt. Cr. Amt.

Income summary a/c $460,500

To Mo a/c $69,300

To Lu a/c $269,500

To Barb a/c $431,200

What is net income?

The total amount of firm profit after deducting all taxes, costs, and interest is referred to as "net income."

Particulars Mo Lu Barb

Capital invested $69,300 $269,500 $431,200

Profit sharing ratio 20/100 40/100 40/100

Profit ($460,500) 92100 184200 184200

As a result, Mo is 92100; Lu is 184200; Barb is 184200 as profit.

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