nestoga College
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ACCT
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ACCT-73120
About five years ago, Isabelle, Eden, Samara, and Joy formed a partnership to carry on a snow removal and landscape business. All the partners Except Isabelle made an initial contribution of $50,000. Isabelle made an initial contribution of $90,000. Each agreed to share in the profits and losses of the business as follows 20% to each of Samara
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nestoga College
•
ACCT
•
ACCT-73120
About five years ago, Isabelle, Eden, Samara, and Joy formed a partnership to carry on a snow removal and landscape business. All the partners Except Isabelle made an initial contribution of $50,000. Isabelle made an initial contribution of $90,000. Each agreed to share in the profits and losses of the business as follows 20% to each of Samara, Joy, and Eden and 40% to Isabelle based on capital and labour to the partnership. At the end of the 2023 fiscal year of the partnership Isabelle and Samara decided to go their separate ways. On January 1, 2024 Samara received $125,000 for her partnership while Isabelle received $250,000
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