1. Robertson and Lloyd are partners. Their capital accounts during 2020 were as follows:

Robertson Capital:	Debit	Credit	Lloyd Capital:	Debit	Credit
January 1		40,000	January 1		60,000
April 3	8,000		March 5	9,000
August 28		6,000	July 6		7,000
October 31		3,000

The net income of the Partnership is P40,000 for the year. The partnership agreement provides for the division of income as follows:

1. Each partner is to be credited 10 percent interest on his average capital.
2. Any remaining income or loss is to be divided based on the beginning capital ratio.

Determine the share of Lloyd on the net income of 2020, (Assume that changes in the capital accounts made at the firsthalf of the month are considered changes at the beginning of the month and changes at the last half of the month are considered changes at the beginning of the following month).

A. P19,000

B. P21,000

C. P15,950

D. P24,050

Questions 2 and 3 are based on the following:

Several years ago, Roel and Jek formed RJ Partnership. The partnership agreement states that each partner is to receive a salary of P10,000 per month and 5% interest on beginning-of-the-year capital balances; any remainder would bedivided between Roel and Jek in the ratio 2:3, respectively. The unadjusted trial balance of RJ Partnership as of December 31, 2020, appears as follows:

Cash	P 500,000	Accounts payable	P 350,000
Accounts receivable	300,000	Notes payable	200,000
Inventory, January 1, 2020	400,000	Roel, capital	750,000
Furniture & fixtures, net	150,000	Jek, capital	620,000
Building, net	300,000	Sales	800,000
Roel Drawing	100,000
Jek, drawing	120,000
Purchases	600,000
Operating expenses	250.000
Total	2,720,000	Total	P2,720,000

Additional information:

1. December 31, 2020, inventory was P550,000. 2020 purchases of P600,000 were recorded using the Periodic inventory method.
2. Depreciation for 2020 on furniture and fixtures and building is determined to be 10% and 20% respectively, of net valuation.
3. On July 1, 2020, the partnership recorded a P100,000 additional capital contribution by Jek. Roel made no additional capital contributions during the year.

2. Determine the share of partner Roel on the net Income of 2020,

A. P46,100

B. (P21,100)

C. (P19,100)

D. P44,100

3. Determine the ending capital balance of partner Jek on December 31, 2020.

A. P480,900

B. P580,900

C. P694,100

D. P600,900