Assuming the partnership incurred a loss of P400,000 in 2020. Tasks: Prepare the distribution of profit and loss of the partnership. record the journal entry to distribute the profit and loss to each partners; and determine the new partners' capital after the distribution of profit and loss. Bosing and Baste are partners. Their partnership agreement are as follows: 1 they will give a 20% interest on their beginning capital. 2 since they are both active in the partnership's af hair, each one will receive salary allowance per year. 3 since Bosing is the managing partner, he will receive a 20% bonusi on inet income after deducting salary allowance, interest on beginning capital and after bonus i and 4 the balance in the ratio of 70:30 for Bosing and Baste Assuming the partnership incurred a loss of P400,000 in 2020. Tasks: Prepare the distribution of profit and loss of the partnership. record the journal entry to distribute the profit and loss to each partners; and determine the new partners' capital after the distribution of profit and loss. Bosing and Baste are partners. Their partnership agreement are as follows: 1 they will give a 20% interest on their beginning capital. 2 since they are both active in the partnership's af hair, each one will receive salary allowance per year. 3 since Bosing is the managing partner, he will receive a 20% bonusi on inet income after deducting salary allowance, interest on beginning capital and after bonus i and 4 the balance in the ratio of 70:30 for Bosing and Baste