The partnership of Diaz and Bravo, called Global Tele-Care, was formed on January 1, 2021 with the partners initially investing P650,000 and P550,000 respectively. Bravo made an additional cash investment on March 1 so that each partner could have a 50% equity in the net assets and profits of the partnership. At the end of the year, the following selected accounts were found in the adjusted trial balance of the partnership:

Direction: Prepare a statement of partners equity for the year ended December 31, 2021 supported by closing entries.

ARTNERSHIP OPERATION (DIVISION OF PROFIT AND LOSS) 1. The partnership of Diaz and Bravo, called Global Tele-Care, was formed on January 1, 2021 with the partners initially investing P550,000 and P550,000 respectively. Bravo made an additional cash investment on March 1 so that each partner could have a 50% equity in the net assets and profits of the partnership. At the end of the year, the following selected accounts were found in the adjusted trial balance of the partnership: A Direction: Prepare a statement of partners' equity for the year ended December 31 , 2021 supported by closing entries