Exercise 3-8. Distribution of Net Loss to partners The following is the statement of financial position...

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Exercise 3-8. Distribution of Net Loss to partners The following is the statement of financial position of MEC Partnership as of June 30,2020: MEC Partnership Statement of Financial Position June 30, 2020 LIABILITIES and PARTNERS' EQUITY ASSETS Cash Other Assets P 175,000 495,000 Liabilities Margaret, Capital Elizabeth, Capital P 108,000 P 250,000 Cecilia, Capital 200,000 112,000 Total Assets P 670,000 Total Equities 562,000 P670,000 The partners agreed to distribute the profits as follows: (a) interest on ending capital of 10%; (b) Annual salaries to Elizabeth and Cecilia of P120,000 each; and (c) Remainder: 4:3:3. Compute the share of each of the partners in the net loss amounting to P250,000 for the fiscal year ending June 30, 2020. Exercise 3-8. Distribution of Net Loss to partners The following is the statement of financial position of MEC Partnership as of June 30,2020: MEC Partnership Statement of Financial Position June 30, 2020 LIABILITIES and PARTNERS' EQUITY ASSETS Cash Other Assets P 175,000 495,000 Liabilities Margaret, Capital Elizabeth, Capital P 108,000 P 250,000 Cecilia, Capital 200,000 112,000 Total Assets P 670,000 Total Equities 562,000 P670,000 The partners agreed to distribute the profits as follows: (a) interest on ending capital of 10%; (b) Annual salaries to Elizabeth and Cecilia of P120,000 each; and (c) Remainder: 4:3:3. Compute the share of each of the partners in the net loss amounting to P250,000 for the fiscal year ending June 30, 2020.