Question
In: Accounting
Could you give us an example of the journal entry for cash distribution to three partners...
Could you give us an example of the journal entry for cash distribution to three partners assuming equal distribution?
Solutions
Expert Solution
| Assume there is 3 Partner namely A,B & C and there profit sharing ratio is equal | ||||
| Assume there is Net earning available for distribution or Cash available for distribution is $ 300,000 | ||||
| Now, We have to distributed these $ 300,000 in equal proportion to all three partners A,B & C | ||||
| Cash Availabe for Distribution = | $ 3,00,000 | |||
| Divide by 3 | "/" by 3 | |||
| Amount given to Each partner is $ 300,000 / 3 = | $ 1,00,000 | to each partner | ||
| Journal entry for the same is posted as below, | ||||
| Journal Entries | ||||
| Date | Account Title and explanation | Debit (Amt. In Million) | Credit (Amt. In Million) | |
| Partner A's Capital Account | $ 1,00,000 | |||
| Partner B's Capital Account | $ 1,00,000 | |||
| Partner C's Capital Account | $ 1,00,000 | |||
| To Cash | $ 3,00,000 | |||
| (To record the cash distribution to each partner) | ||||
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