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Naming convention is not available can be slightly different: e.g. In JE, insteads of "Capital" word, "Equity" word can be used Solution: If no rule of division of income/loss is defined, then it is divided equally to the partners. Journal Entries Account title and explaination Revenues Expenses Angle Alverez, Capital Emma Allison, Capital To close the revenue and expenses account) Angle Alverez, Capital Emma Allison, Capital Angle Alverez, Drawing Emma Allison, Drawing To close withdrawals) Debit Credit 553000 (132000*50%) (132000*50%) 421000 66000 66000 $ 51,000 $ 41,000 $51,000 $41,000 Sign of Withdrwal amount can be+/- per question: Statement of Parnership Equit Total $ 95,000 $ 69,000 164000 10000 $ 66,000 $66,000 132000 $ -51,000 $ -41,000 -92000 94000 214000 Angle Emma Balances, January, 1, 20Y4 Additional Investment during the year Net Income during the year Withdrawal during the vear Balances, December 31, 20Y4 10,000 $ 120000
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