I really need help, thank you!

Messrs. Santos, Torres and Usman formed a partnership to engage in the business of merchandising. Capital balances at the beginning of the year were:

Santos P400,000 (40%)

Torres 350,000 (35%)

Usman 250,000 (25%)

The net income to be distributed is P330,000.

The partnership agreement provided for:

a. Salary to Partner Santos at P20,000 a month;

b. Interest to be computed at the end of the year, at 10% on capital investment balances

at the beginning of the year;

c. Any net income or loss still undistributed, to be distributed according to their profit and

loss ratio.

Required: a. Compute for the respective shares of the partners in the profit (schedule

of profit distribution).

b. Provide journal entries.

c. Show all computations in good form