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Dominic and Frederico share profits and losses on a fractional-share basis with two-fifths for Dominic and three-fifths for Frederico. This year the firm has profits of $650,000. The beginning capital balances for the year were $900,000 for Dominic and $1,300,000 for Frederico. The balances of the drawing accounts are $300,000 for DOminic and $240,000 for Frederico.
Journalize the entries to close income summary and partner's drawing accounts...
Journalize the entries to close income summary and partner's drawing accounts...
Partneership and accounting question pls... ^^?
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