Tsang (beginning capital, HK$60,000) and Woo (beginning capital HK$90,000) are partners (amounts in thousands). During 2020, the partnership earned net income of HK$80,000, and Tsang made drawings of HK$18,000 while Woo made drawings of HK$24,000.

Instructions
a. Assume the partnership income-sharing agreement calls for income to be divided 45% to Tsang and 55% to Woo. Prepare the journal entry to record the allocation of net income.
b. Assume the partnership income-sharing agreement calls for income to be divided with a salary of HK$30,000 to Tsang and HK$25,000 to Woo, with the remainder divided 45% to Tsang and 55% to Woo. Prepare the journal entry to record the allocation of net income.
c. Assume the partnership income-sharing agreement calls for income to be divided with a salary of HK$40,000 to Tsang and HK$35,000 to Woo, interest of 10% on beginning capital, and the remainder divided 50%–50%. Prepare the journal entry to record the allocation of net income.
d. Compute the partners’ ending capital balances under the assumption in part (c).