prepare the partnership rsquo s income statement for the year ended april 30 2012 559586

Preparing partnership financial statements

The partnership of Williams and Leblanc had these balances at April 30, 2012:

Cash

$24,000

Service revenue

$150,000

Liabilities

42,000

Leblanc, capital

26,000

Williams, capital

15,000

Total expenses

81,000

Other assets

59,000

Williams gets 70% of profits and losses, and Leblanc 30%.

Requirement

1. Prepare the partnership’s income statement for the year ended April 30, 2012.

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