# Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership....

###### Question:

Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2018, capital balances were as follows:

 Purkerson $66,000 Smith 46,000 Traynor 20,000 Due to a cash shortage, Purkerson invests an additional$10,000 in the business on April 1, 2018.

Each partner is allowed to withdraw $600 cash each month. The partners have used the same method of allocating profits and losses since the business's inception: • Each partner is given the following compensation allowance for work done in the business: Purkerson,$12,000; Smith, $28,000; and Traynor,$8,000.
• Each partner is credited with interest equal to 10 percent of the average monthly capital balance for the year without regard for normal drawings.
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