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Find closing entry for net income on december

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Problem 1: The partnership contract for the A and B Partnership provided that A is to receive an annual salary of P 120,000, B is to receive an annual salary of P 80,000, and the remaining profit or loss is to be divided equally between the two partners. Net income of the A and B Partnership for the year ended December 31, 2020 was P 180,000. The closing entry for net income on December 31, 2020 is a debit to Income Summary for P 180,000 and credits to A Capital and B Capital, respectively of

Reference no: EM132625247

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