Problem 3-2 (Division of Profit under Various Assumptions) Bernal and Burgos formed a partnership on January 1, 2014. The changes in the respective capital balances during the year ended December 31, 2014 are presented on the next page. During the year, the partnership earned a profit of P350,000. apter 3 - Partnership Operations 117 10/31 Bernal, Capital 60,000 1/1 5/31 360 6/30 100,000 Burgos, Capital 80,000 1/1 10/31 440,000 140,000 structions: Prepare the entry to record the allocation of the partnership profit to dividual capital accounts under each of the following assumptions: Each partner receives 8% interest on beginning-of-the-year capital balances and the remainder is divided between Bernal and Burgos in the ratio of 3:1, respectively. Bernal and Burgos are given annual salaries of P70,000. and P130,000, respectively, 12% interest on the end-of-year capital balances, and the remainder is divided equally. 3. Bernal and Burgos are given salaries of P45,000 and P85,000, respectively, 12% interest on average capital balances, and the remainder divided in the ratio of 3:1. Bernal and Burgos are given salaries of P50,000 and P100,000, respectively, 10% interest on average capital balances, and the remainder divided 40% to Bernal and 60% to Burgos Each partner receives 8% interest on beginning-of-the-year capital balances and a salary of P50,000, Bernal receives a bonus of 10% of profit after deducting interest and salaries, and the remainder is divided in the ratio of 2:3