Ahmed, Salem and Hossam partnership agreement agreed to share profits and losses in a ratio of 2:3:1, respectively. Ahmed has an annual salary of KD 20,000 and Hossam has an annual salary of KD 12,000. There is interest based on the beginning balances of capitals by 10% yearly. At the beginning of the year, Ahmed Capital account had a balance of KD 300,000, Salem Capital account had a balance of KD 350,000, and Hossam capital account had a balance of KD 280,000. During the year, Ahmed and Salem withdrawn KD 8,000 and KD 5,000 respectively. The net income (loss) of the period was KD 50,000.

Required:

1) Calculate the income for each partner

2) Journalize the required entries

3) Prepare the equity section of the statement of the financial position.