Problem 3: Partnership The following are taken from the accounting records of MNO Partnership. December 31, 20X3 P58,960 Mario, Capital 63,200 Nancy, Capital 64,890 Olga, Capital The partnership generated net income of P75,400 in 20X4. According to the partnership contract, the profit and loss sharing ratios are as follows: Mario (25%), Nancy (37.5%), and Olga (37.5%). The following were transactions with the partners during the year: Mario made additional contribution of P7,640. Nancy withdrew P5,000, from the business. Olga contributed P12,000 but withdrew P5,430. Required: Prepare the partnership's Statement of Changes in Equity. Problem 4: Partnership The following are taken from the accounting records of JKL Partnership. December 31, 20X3 December 31, 20X4 Jaimie, Capital P54,900 P64,900 Kristine, Capital 53,200 63,900 Lally, Capital 44,890 50,890 The partnership generated net income of P51,600 in 20X4. According to the partnership contract, Jaimie, Kristine and Lally share profit and loss equally. The partnership contract allows each partner to withdraw P1,000 monthly. Jamie and Kristine each contributed P5,000 during the year. Lally did not make any contributions during the year. Required: 1. Prepare the partnership's Statement of Changes in Equity. 2. Determine if any of the partners violated the partnership contract provision on drawings