DATE: SCORE: Jann: Jinn: Junn: Division of Profits (6 items x 3 points) The capital accounts of Jann, Jinn, and Junn are as follows: 2/1 Jann, Capital 3,000 1/1 4/1 4/1 Jinn, Capital 9,0001/1 7/1 15,000 9,000 11/1 30,000 15,500 Junn, Capital 39.500 1/1 6/1 35,000 37,000 The net income for the year was P27,000. Requirements: Show how the net income will be divided under each of the following methods and give the entry to record the distribution of profits. 1. Equally 2. 60% to Jann, 30% to Jinn, and 10% to Junn 3. 1/9 to Jann, 3/9 to Jinn, and 5/9 to Junn 4. 3:5:2 for Jann, Jinn, and Junn, respectively 5. Using the beginning capital ratio 6. Using the ending capital ratio Reference: Abeleda, N. S. (2012). Simplified accounting for partnership and corporation. Paraaque: Nelson Publications