PARTNERSHIP OPERATIONS - Comprehensive Problem) On January 1, 2019, Intellectual and Lovable, two seasoned sole proprietors, formed a partnership by contributing P250,000 and P150,000 cash respectively. First year of operations resulted to net income of P100,000. The capital accounts of partners show the following for the year ended December 31, 2020 Intellectual, Capital Lovable, Capital Date Debit Credit Date Debit Credit January 1 P 580,000 January 1 P 420,000 March 30 60,000 120,000 May 10 140,000 August 24 40,000 July 25 80,000 October 29 100,000 Investments and withdrawals made before the middle of the month are to be considered as if made at the beginning of the month. Those made after the middle of the month will be considered as if made at the end of the month. Income summary account has a credit balance of P350,000 on December 31, 2020 May 18 Instruction: Determine the share of each partner in partnership profit: 1. Partners failed to include profit and less sharing in their partnership agreement. b. Intellectual and Lovable share profits and losses in the ratio 7:5, respectively, Partners share profits and losses in the ratio of average capital d. Interest of 10% is allowed on average capital balance and the remainder equally, Intellectual and Lovable shall be given monthly salaries of P9,000 and P7,500, respectively and the balance divided in the ratio of ending capital. Intellectuat is allowed a bonus of 10% and the balance is divided based on average capital. (Bonus not treated as expense) & Partners share profits and losses under the following agreement salaries of P150,000 and P100,000 is given to Intellectual and Lavabile, respectively any balance divided equally. h. Partners share profits and losses under the following agreement: a interest of 6% is given to beginning capital b. bonus of 10% of net income after bonus is given to Intellectual cany balance divided in the ratio of 32 to intellectual and Lovable, respectively. Partnership agreement on their share in profits and losses contains the following a interest of 10% is allowed on endine capital b. monthly salary of P12,500 and P10,000 is given to Intellectual and Lovable, respectively bonus of 10% of net income after bonus and interests is given to intellectual dany balance divided equally PARTNERSHIP OPERATIONS - Comprehensive Problem) On January 1, 2019, Intellectual and Lovable, two seasoned sole proprietors, formed a partnership by contributing P250,000 and P150,000 cash respectively. First year of operations resulted to net income of P100,000. The capital accounts of partners show the following for the year ended December 31, 2020 Intellectual, Capital Lovable, Capital Date Debit Credit Date Debit Credit January 1 P 580,000 January 1 P 420,000 March 30 60,000 120,000 May 10 140,000 August 24 40,000 July 25 80,000 October 29 100,000 Investments and withdrawals made before the middle of the month are to be considered as if made at the beginning of the month. Those made after the middle of the month will be considered as if made at the end of the month. Income summary account has a credit balance of P350,000 on December 31, 2020 May 18 Instruction: Determine the share of each partner in partnership profit: 1. Partners failed to include profit and less sharing in their partnership agreement. b. Intellectual and Lovable share profits and losses in the ratio 7:5, respectively, Partners share profits and losses in the ratio of average capital d. Interest of 10% is allowed on average capital balance and the remainder equally, Intellectual and Lovable shall be given monthly salaries of P9,000 and P7,500, respectively and the balance divided in the ratio of ending capital. Intellectuat is allowed a bonus of 10% and the balance is divided based on average capital. (Bonus not treated as expense) & Partners share profits and losses under the following agreement salaries of P150,000 and P100,000 is given to Intellectual and Lavabile, respectively any balance divided equally. h. Partners share profits and losses under the following agreement: a interest of 6% is given to beginning capital b. bonus of 10% of net income after bonus is given to Intellectual cany balance divided in the ratio of 32 to intellectual and Lovable, respectively. Partnership agreement on their share in profits and losses contains the following a interest of 10% is allowed on endine capital b. monthly salary of P12,500 and P10,000 is given to Intellectual and Lovable, respectively bonus of 10% of net income after bonus and interests is given to intellectual dany balance divided equally