A, B and C's partnership agreement stipulates the following: Annual salaries of P12,000 to A and P8,000 to C. 10% bonus to A, based on profit after salaries but before deducting the bonus. 10% interest on the following capital contributions: A, P100,000; B, P60,000; and C, P120,000; P/L ratio of 40:30:30. Required: Compute for the partners' respective shares if: 1. The partnership earns profit of P100,000. 2. The partnership earns profit of P10,000. 3. The partnership incurs loss of P20,000. Problem II. A and B's partnership agreement stipulates the following: Monthly salary of P4,000 to A. 20% bonus to A, based on profit after deductions for salary and bonus, but before deduction for interest. 12% interest on B's weighted average capital balance. B initially contributed P30,000. During the period, B contributed additional P10,000 on July 1 and P6,000 on Nov. 30 and withdrew P4,000 on Oct. 1. Balance is shared equally. Required: Provide the journal entry to close the income summary account to the partners' respective capital accounts considering the following cases: 1. The partnership earned profit of P90,000 before salaries, bonus and interest on capital, for the year ended Dec. 31, 20X1. 2. The partnership earned profit of P90,000, before salaries, bonus and interest on capital, for the eight months ended December 31, 20X1.