Homework Answers
Income sharing ratio of Tomas and Saturn = 3:1
Partnership net income = $30000
Saturn share in partnership income =
$30000 × (1 / 1 +3)
= $30000 × 1/4
= $7500
Saturn's capital balance after closing the income and expense account to the capital account
= Opening capital account balance of Saturn + Share in net income of partnership
= $120000 + $7500
= $ 127500
Therefore, the correct answer is option (c) = $127500.
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Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances...
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