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Dividing Partnership Net Income

Required:

Steve Conyers and Chelsy Bernard formed a partnership, dividing income as follows:

  1. Annual salary allowance to Bernard of $132,240.
  2. Interest of 7% on each partner's capital balance on January 1.
  3. Any remaining net income divided to Conyers and Bernard, 1:2.

Conyers and Bernard had $72,000 and $87,000, respectively, in their January 1 capital balances. Net income for the year was $228,000. How much is distributed to Conyers and Bernard?

Note: Compute partnership share.
Conyers: $
Bernard: $

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