Dhalia and Anabel partners of A-Tea a milk tea business showed to you their partnership agreements as follows:

1. Dhalia will be allowed to an annual salary of P 60,000 while Anabel P 50,000.
2. Both are allowed to a 15% interest on their beginning capital balances of P 200,000 and P 100,000.
3. Any remainder, equally divided.

Required:

1. Show how profit or loss is distributed to partners under the following separate cases:

Case A- Profit is P 160,000

Case B- Profit us P 130,000

Case C- Loss is (P10,000)

2. Journal Entry to close the Income and Expense account under each of the following cases stated above