Problem 1 Jimin, Suga and Jhope formed a partnership on July 1, 2013. The partners had invested P200,000, P300,000, and P450,000 respectively. The partnership agreement provided that profits and losses are to be shared equally by the partners after considering the following terms: . Annual salaries to partners will be provided at P60,000 for Jimin, P48,000 for Suga, and P36,000 for Jhope. 10% interest on average capital balances. 10% net profit after salaries and interest as bonus to Jimin as the managing partner. On October 1, 2013, Jimin made additional investment of P60,000, while Jhope invested P30,000 on December 1, 2013. 1. If each partner received P30,000 on the residual profit after salaries, interest, and bonus, the net income reported by the partnership during the first six months of operation amounts to 2. How much is the capital balance of Jimin on December 31, 2013