Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of $47,000 and $41,000, respectively. Determine the division of a $24,000 net loss for the current year, assuming remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies.

Division  = (net loss for the current year + salary Allowance) / 2

               = (Remainder / 2)

               = $112,000 / 2

                = $56,000

See net loss in explanation.

Explanation:

Total Salary Allowances = Leigh Meadows  salary + Byron Leef salary

                               = $47,000 + $ 41,000

                                =$88,000

Remainder (net loss for the current year + salary Allowance)

                             = $24,000 + $88,000

                             = $112,000

Net loss for Leigh Meadows = $47,000 - $56,000 = -$9,000

Net loss for Byron Leef = $41,000 - $56,000 = -$15,000  

Net loss for Total salary allowances  = $88,000 - $112,000 = -$24,000  

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