1. The following are the capital accounts of Angelica Pink and Juliana Red showing the transactions during the current year: Angelica Pink TA 4 5 Date Debit Jan. 01 (beg.) Credit P180,000 Feb. 28 P20.000 Date Jan. 01 (beg) Mar. 31 Juliana Redi Debit Credit P200,000 set 1 erid 40,000 May 31 20,000 Jul. 01 P60,000 Oct. 01. 60.000 Aug. 31 20,000 Nov. 30 12.000 Oct. 31 10,000 The Income Summary account has a credit balance of P 400,000. 1. Assume that the partners agreed to share the profits and losses equally. How much are their share in the profit? 2. Assume that Angelica Pink and Juliana Red agreed to divide the profits and losses in a 60:40 ratio, how much is Juliana Red's share? 3. Assuming the conditions in No. I and that the business operations resulted to a loss of P100,000, how much is Angelica Pink's share? 24 6 10 t 3 Do dn enter ins del ONE NOW (Intel CORE IT eviews emos GEFORCE 4. Compute for the average capital balances of Angelica Pink and Juliana Red. 5. Supposing that an interest of 12 percent per annum is to be granted to the partners' ending capital balances and the remainder to be divided. equally. What is/are the journal entry/s to record the transaction? 6. Assume that annual salaries of P50,000 and P30,000 are allowed to Angelica Pink and Juliana Red, respectively, and any balance shall be divided equally. What is the closing entry? Videos Specs