Homework Answers
Partners' capital statement
| N. Payne | A. Dody | Total | |
| Beginning capital balances | 20,000 | 18,000 | 38,000 |
| Share of Net income | 20,000 | 20,000 | 40,000 |
| 40,000 | 38,000 | 78,000 | |
| Less: Drawings | - 8,000 | - 5,000 | - 13,000 |
| Ending capital balances | 32,000 | 33,000 | 65,000 |
Partial balance sheet
| Owner's equity | ||
| Capital- N.Payne | 32,000 | |
| Capital - A. Dody | 33,000 | |
| Total owner's equity | 65,000 |
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