Question 5 Accounting for partnerships Part B (6 marks) Chris and Harumi used Method 2 to account for their partnership.

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Question 5 Accounting For Partnerships Part B 6 Marks Chris And Harumi Used Method 2 To Account For Their Partnership 1 (52.06 KiB) Viewed 44 times

Question 5 Accounting for partnerships Part B (6 marks) Chris and Harumi used Method 2 to account for their partnership. They have agreed to share profits as follows: . Chris receives a $200,000 salary and Harumi receives a $180,000 salary. • Each partner receives interest of 5% on their closing capital balances. • Remaining profit is to be shared equally (50% each) between Chris and Harumi. At 30 June 2020 Chris' closing capital balance was $400,000 and Harumi's closing capital balance was $300,000. For the year ended 30 June 2020, the partnership made a profit of $535,000. Required 1. Prepare workings for the allocation of profit in the table below 2. Prepare ONLY the general journal to record the share of profit distributed to Chris and Harumi at 30 June 2020 in the template below (Narration is NOT required).