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Homework answers / question archive / Division of Net Income Jamison Stephens Total Salary allowance $ 20000 $ 12000 $ 32000 Remaining income Total division $ $ $

Division of Net Income Jamison Stephens Total Salary allowance $ 20000 $ 12000 $ 32000 Remaining income Total division $ $ $

Accounting

Division of Net Income Jamison Stephens Total Salary allowance $ 20000 $ 12000 $ 32000 Remaining income Total division $ $ $

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In a partnership, the remaining income after allowing the Salary allowance or any other payment like interest etc are distributed to partners in the Profit sharing ratio.

Division of Netincome

  Jamison Stephens Total
Salary Allowance 20,000 12,000 32,000
Remaining Income 10,800 7,200 18,000
Total Division 30,800 19,200 50,000

The Remaining income after Salary allowance is distributed in the 60,40 ratio. (18,000*60% and 18,000*40%)

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