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Determine the share of Jelay in the partnership net income for 2020. * After the distribution of the profits, determine the capital balance of Patrik
Determine the share of Jelay in the partnership net income for 2020. * After the distribution of the profits, determine the capital balance of Patrik on December 31, 2020. Jelay, Leigh, and Patrik formed a partnership on January 1, 2020, and contributed P150,000, P200,000, and P250,000, respectively. Their articles of co-partnership provided that the operating profit be shared among the partners as follows: As salary, 124,000 for Jelay P18,000 for Leigh, and P12,000 for Patrik Interest of 12% on the initial capital during 2012 for the three partners; The balance in the ratio of 2:4:4 for Jelay, Leigh, and Patrik, respectively. The net income for the year ended December 31, 2020 amounted to P176,000 before the provisions above
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