On December 31 ,2018 A, B and C formed a partnership wherein A contributed P4,800,000 for 20% interest in the partnership, B Contributed P14,400,000 for a capital credit of P12,000,000. After closing of accounting books, B and C withdrew the following amounts respectively: P1,200,000 and P1,440,000. Profit and Loss arrangement are agreed as follows:

Annual salary of P60,000, 48,000 and 36,000 respectively

The remainder will be divided in the ratio of 2:3:5

On December 31 ,2019 the capital balance of A is 4,836,000.

1.What is the net income / (net loss) of the partnership for the year ended December 31, 2019?

2. What is the capital balance of C on December 31, 2019?