1. Biore invested 800,000 on Jan 1, 2019 and an additional 150,000 on April 1. Besario invested 1,200,000 on Jan 1 and withdraw 200,000 on July 1. The partnership contract provided that each partner may withdraw 10,000 on the last day of each month; both partners did so during the year.

a. Summarize the transactions in the ledger accounts(T-accounts)

b. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Profit=500,000

c. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Loss= 300,000

d. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss in a 70:30 ratio. Profit=500,000

e. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss into the ratio of their original capital investment. Profit=500,000

f. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss int the ratio of their capital balances at the end of the year. Loss=400,000

g. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss int the ratio of average capital balances. Profit=500,000

h. Provide journal entry with explanation and computation assuming partners agree to allow 10% interest on the average capital balances with the balance to be divided equally. Profit=500,000

i. Provide journal entry with explanation and computation assuming partners agree to allow 10% interest on the average capital balances with the balance to be divided equally. Loss=20,000

j. Provide journal entry with explanation and computation assuming partners agree to provide an annual salary of 50,000 each with the balance to be divided equally. Profit=500,000

k. Provide journal entry with explanation and computation assuming partners agree to provide a bonus of 20% of profit before bonus to partner Biore and the balance to be divided equally. Profit=500,000

l. Provide journal entry with explanation and computation assuming partners agree to provide a bonus of 20% of profit after bonus to partner Biore and the balance to be divided equally. Profit=500,000

m. Assume that the profit for the year is 500,000 and partners agree of the ff:

Bonus to Biore of 20% of the profit after salaries and interest but before bonus;

Annual salaries of 50,000 each

10% interest on average capital balances

balance to be divided in a ratio of 70:30

n. Assume that the profit for the year is 500,000 and partners agree of the ff:

Bonus to Biore of 20% of the profit after salaries and interest and after bonus;

Annual salaries of 50,000 each

10% interest on average capital balances

Balance to be divided in a ratio of 70:30