Leigh Meadows and Byron Leef formed a partnership in which the partnership agree

Question

Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $47,000 and $41,000 respectively. Determine the division of a $24,000 net loss for the current year, assuming remaining income or losses are shared equally by two partners. Use the minus sign to indicate any deductions or deficiencies.

Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $47,000 and $41,000 respectively. Determine the division of a $24,000 net loss for the current year, assuming remaining income or losses are shared equally by two partners. Use the minus sign to indicate any deductions or deficiencies.

Explanation / Answer

Distribution of net income or loss :

Leigh meadows Byron leef Salary allowances 47000 41000 Less: Net loss allocation (12000) (12000) 35000 29000

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