Partnership income allocation—Partnership capital statement
On December 31, 2011, the total partnership capital (assets less liabilities) for the Bird, Cage, and Dean partnership is $186,000. Selected information related to the preclosing capital balances as follows:
|
Bird Capital |
Cage Capital |
Dean Capital |
Total Capital |
|
|
Balance January 1 |
$ 60,000 |
$ 45,000 |
$70,000 |
$175,000 |
|
Investments 2011 |
10,000 |
10,000 |
20,000 |
|
|
Withdrawals 2011 |
(15,000) |
(15,000) |
(30,000) |
|
|
Drawings 2011 |
(5,000 ) |
(5,000 ) |
(5,000 ) |
(15,000 ) |
|
40,000 |
50,000 |
$60,000 |
$150,000 |
REQUIRED: Prepare a statement of partnership capital for the Bird, Cage, and Dean partnership at yearend 2011, assuming that no specific profit or loss sharing agreement exists.