11. Martin, Pappin and Hull are partners who share income and loss in the ratio of $4 : 4 : 3$ respectively. Hull is the only one who receives a salary; he gets $$10, 000$ per year. All partners earn $10%$ interest on their capital account balances. These balances are as shown. - Martin $$20, 000$ - Pappin $$40, 000$ - Hull $$10, 000$ - The net income for the year was $$83, 000$ A. Prepare a statement of distribution of net income for the year ended December 31,20 -. B. Prepare a statement of partners' capital. Each partner withdrew $$5000$ during the year.

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11. Martin, Pappin and Hull are partners who share income and loss in the ratio of

4 : 4 : 3

respectively. Hull is the only one who receives a salary; he gets

$10, 000

per year. All partners earn

10%

interest on their capital account balances. These balances are as shown. - Martin

$20, 000

- Pappin

$40, 000

- Hull

$10, 000

- The net income for the year was

$83, 000

A. Prepare a statement of distribution of net income for the year ended December 31,20 -. B. Prepare a statement of partners' capital. Each partner withdrew

$5000

during the year.

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