17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus. c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus. (Industrial Partner) Monthly Salary 15. De La Cruz, Quizon and Ocampo are partners operating a gym for physical fitness with contributions of P250,000 from De La Cruz and P150,000 from Quizon. The partnership agreement provides for the following agreement in the event the operation is a profit: De La Cruz Quizon Ocampo (Capitalist Partner) (Capitalist Partner) P10,000 Interest on capital contribution 18% 18% Balance of profit 50% 50% In the event the operation is a loss, the industrial partner gets half of her salaries only. Tax rate is 30% Direction: Prepare the entries to close the profit or loss based on the following information: a) The income summary account for 2018 before tax and distribution to the partners showed a credit balance of P225,000. a b) The income summary account for 2019 showed a debit balance of P75,000 before tax and distribution to the partners