Norr and Caylor established a partnership on January 1, 2019. Norr invested cash of $100,000 and Caylor invested ,000 in cash and equipment with a book value of $40,000 and fair value of $50,000. For both partners, the beginning capital balance was to equal the initial investment. Norr and Caylor agreed to the following procedure for sharing profits and losses:
12% interest on the yearly beginning capital balance
$10 per hour of work that can be billed to the partnership’s clients
the remainder divided in a 3:2 ratio
The Articles of Partnership specified that each partner should withdraw no more than $1,000 per month, which is accounted as direct reduction of that partners capital balance.
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