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i need help in this problem Jann: DATE: SCORE: Jinn: Junn: Division of Profits (6 items x 3 points) The capital accounts of Jann, Jinn,

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Jann: DATE: SCORE: Jinn: Junn: Division of Profits (6 items x 3 points) The capital accounts of Jann, Jinn, and Junn are as follows: Jann, Capital Jinn, Capital Junn, Capital 2/1 3,000 1/1 15,000 4/1 9,000 1/1 30,000 11/1 39,500 1/1 35,000 4/1 9,000 7/1 15,500 6/1 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 60% to Jann, 30% to Jinn, and 10% to Junn WN 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. Paranaque: Nelson Publications

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