The Capital accounts and the Income Summary account of the SV TELE-Care partnership appear below:

Direction:a) Give the entry to distribute the P650,000 net income if Sosay and Violy share profits and losses in the ratio of average capital balances for the year after giving salaries of P120,000 to each partner.

b) Prepare a statement of partners equity for the year ended Dec 31, 2021.

3. The Capital accounts and the Income Summary account of the SV TELE-Care partnership appear below: ended Dec 31, 2021