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Journalize the entries to close income summary

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Question - Rules for the Distribution of Profits or losses - Laguna and Cadelina share profits and losses on a fractional-share basis with two-fifths for Laguna and three-fifths for Cadelina. This year the firm has profits of P650,000. The beginning Capital balances for the year were P900,000 for Laguna and P1,300,000 for Cadelina. The balances of the Drawing accounts are P300,000 for Laguna and P240,000 for Cadelina.

Required - Journalize the entries to close income summary and the partners' drawing accounts on Dec. 31.

Reference no: EM133114758

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