On January 1, Year 1, the ABC partnership is formed. A, B and C contribute cash of OMR 240,000 and 250,000 and 200000 respectively.During the first year, net income is OMR 390000and the partners A, B, and C shared profits and losses in the ratio of 4:2:2. Let us now assume that the partnership agreement provides for 12 percent interest on opening capital balances, and for salary allowances of OMR 20,000 to A and B and OMR 50,000 to C.

Required

Show the division of Income between partners.

Pass the closing entries journal entries.