A Partnership Began on January 1,2020,with Two Partners Kelly Simmons

question 19

Essay

A partnership began on January 1,2020,with two partners Kelly Simmons and Dawn Jones.The partnership is called Simmons and Jones Partnership.Kelly contributed $40,000 cash and Dawn contributed equipment with a fair market value of $70,000.The partners share profits and losses 50:50.Partners' withdrawals were $10,000 by Kelly and $5,000 by Dawn.Net income for 2020 was $60,000.
Required:
Prepare the statement of partner's equity for the year ending December 31,2020.

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Definitions:

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