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James, Rivers and Keller have the subsequent capital balances; $48,000, $70,000 and $90,000 correspondingly. Because of a cash shortage James invests an additional $12,000 on 1^st June. Each partner withdraws $1,000 per month. Keller, James and Rivers receive a salary of $13,000, $15,000 and $20,000, correspondingly, for work done during the year. Each partner gets interest of 8% on their weighted average capital balance without regard to normal drawings. Any residual profits are split 20%, 30% and 50% correspondingly. The net income for the year is $30,000. Evaluate the ending capital balances for each partner?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9721780

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