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Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000, respectively. Income Summary has a credit balance of $30,000. What is Tomas's capital balance after closing Income Summary to the capital accounts?

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akindeleot

Answer:

$102,500

Explanation:

Credit balance of $30,000 in income summary is PROFIT.

Which will be distributed among Tomas and Saturn in 3:1 ratio.

Tomas will get 3/4 * $30,000 = $22,500 as profit

After closing income summary to capital his capital balance will be

$22,500 + $80,000 = $102,500

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