Problem 3-3 (Division of Profit and Loss; Interest on Average Capital, Salaries to Partners, and Bonus to the Managing Partner) The partners of BBB Partnership are Bilbao, Bertol and Borja. During the current year, their average capital bulances are as follows: Bilbao P560,000 Bertol P400,000 Borja P240,000 The partnership agreement provides that partners shall receive: 1. Annual allowance of 6% of their average capital balances. 2. Salary allowance as follows: Bilbao-none; Bertol - P96,000; Boija - P80.000. 3. Berta who manages the business, is to receive a bonus of 25% of profit in excess ofP 144.000 after partners' interest and salary allowances. 4. Residual profit will be divided in the ratio of 5:32. Instructions: Prepare separate schedules showing how profit and loss will be divided among the three partners under each of the following independent cases. The amount given in each case is the profit or loss for the year that is available for distribution to partners. 1. P50,000 loss 2. P120,000 profit 3. P500,000