Accounting




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General Accounting Discussions: Help please on 1:2:2 ratio

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    I need help on this problem please. Three people are partners for an ice cream store.Their partnership agreement states that the partners share net incomew or net loss in a 1:2:2 ratio,respectively. For the year ended December 31,the business had a net income of $61,900.

    I need to prepare the portion of an income statement that reports the division of net income.Can anyone explain to me how I do this?Is there a special formula to figure this out.
    Also,this needs to be on a three column form.

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