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By what amount credits to Lebron capital and James Capital

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Problem - The partnership contract for the Lebron and James Partnership provided that Lebron is to receive and annual salary of P120,000, James is to receive an annual salary of P80,000, and the remaining profit or loss is to be divided equally between the two partners. Net income of the Lebron and James Partnership for the year ended December 31, 2021 was P180,000. The closing entry for net income on December 31, 2021 is a debit of Income Summary for P180,000 and credits to Lebron capital and James Capital by what amount?

Reference no: EM132889370

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