Problem #18 Rules for the Distribution of Prots or Losses Minerva, Rufus, and Nanagear formed a partnership on Jan. 1, 2014 with capital contributions of P300,000, P500,000, and P200,000, respectively. For the year ended Dec. 31, 2014, the partnership reported prot of P450,000. Required: Determine the partners' share in the prot under each of the following independent situations and prepare the entry to record the prot allocation to individual capital accounts: 1. Prot is allocated on the basis of the initial capital contributions. 2. Each partner is allotted an interest of 7% on initial capital contributions and the remainder is divided among Minerva, Rufus, and Nanagear in the ratio4:3:1, respectively. 3. Salaries of P50,000, P40,000, and P30,000 are given to Minerva, Rufus, and Nanagear, respectively; 5% interest on the initial capital contributions, and any remainder is divided in the ratio 4:3:1, respectively. 4. Salaries of P30,000, P45,000, and P65,000 are given to Minerva, Rufus, and Nanagear, respectively; 5% interest on initial capital contributions; bonus to Minerva of 8% of prot after deducting bonus but before deducting salaries and interest; and any remainder divided equally