How can I solve this problem

Practice Exercises All students are required to answer all this practice problem at home because this is patterned with the illustrative problem, Problem: Taguro and Ichigo are partners in their Ghost Fighting business. Ichigo is the managing partner. As of December 31, 2014, their capital account showed the following: Taguro, Capital Ichigo, Capital July 1 45,000 Jan. 1 300,000 Apr. 1 90,000 Jan. 1 450,000 Dec. 1 30,000 April 1 30,000 Dec 1 105,000 June 1 150,000 Nov. 1 105,000 Oct. 1 195,000 Case 1: Assuming the partnership earned a net profit of P360,000, Case 2: Assuming the partnership earned a net profit of P120,000 Case 3: Assuming the partnership incurred a net loss of P60,000 Required: On your note book, using the following independent agreements, distribute the profit or loss in case 1, case 2 and case 3 to Taguro and Ichigo: 1. Equally 2. 2:4 ratio for Taguro and Ichigo respectively 3. 60%: 40% ratio for Taguro and Ichigo respectively 4. Based on beginning capital balances 5. Based on ending capital balances 6. Based on average capital balances 7 They agreed to divide the net profit or loss by: allowing a 10% interest on average capital, b. allowing salary to Ichigo amounting to P60.000; Ichigo will receive a 10% bonus on net income; and d. the balance is based on a 60:40 ratio to Taguro and Ichigo respectively. a. C. Difficult Problem 3-5 Several years ago, Nora and Pip formed N&P Records, a partnership. The partnership agreement states that each partner is to receive a salary allowance of P10,000 per month and a 5% interest on beginning capital balances; any remainder would be divided between Nora and Pip in the ratio of 2.3. respectively. The adjusted trial balance of the partnership as of December 31, 2014 is presented below. Debit Credit Cash P500,000 Accounts Payable P250,000 Accounts Receivable 300,000 Notes Payable 200,000 Inventory, Jan, 1 400,000 Nora, Capital 750,000 Furniture & Fixtures 150,000 Pip. Capital 620,000 Building (net) 300.000 Sales 800,000 Nora, Drawing 100,000 Pip, Drawing 120,000 Purchases 600,000 Operating Expenses 150.000 Total P2,620,000 P2,620,000 Inventory, Dec. 31 500,000 Tasks: 1. Distribution of income or loss to the partners, 2. Journal entries to close income and expense accounts as well as inventory, and b. to record the distribution of income or loss to the partners. 3. Prepare the post closing trial balance. 4. Prepare the Statement of Changes in Partner's Capital 5. Prepare the Income Statement and Balance Sheet a 69