The abc partnership had net income of $100,000 for 20x9. they allocate profits and losses in the ratio 5: 3: 2. after closing the 12/31/20x9 books they discovered that $30,000 was spent on a piece of land in december 20x9 and was expensed. what should happen?

The journal entry would be passed as the accounts are closed, which is shown below:

Explanation:

As the books are closed, then the correction would be made against the capital accounts of the partners. And the following Journal entry would be made as:

Land A/cDr   $30,000

        A's Capital A/cCr    $15,000

        B's Capital A/cCr    $9,000

        C's Capital A/cCr    $6,000

Working Note:

The amount of land is to be proportionate as the ratio of the partners which is computed as:

A's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 5 / 10

= $15,000

B's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 3 / 10

= $9,000

C's Capital A/c = Land amount × Ratio of A / Sum of ratios

= $30,000 × 2 / 10

= $6,000

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