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Prepare the journal entries to close the income summary

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Reference no: EM132483408

Point 1: Modesto, Resultay and Laguna are partners in MRL Company, with average capital balances for the year of P300,000, P400,000, and P200,000, respectively. They share remaining profits and losses in a 2:5:3 ratio, respectively, after each receives a P150,000 salary and 10% interest on his average capital balances.

Required:

Question 1: Prepare the journal entries to close the income summary, assuming a;

  1. profit of P740,000
  2. profit of P140,000
  3. loss of P60,000

Reference no: EM132483408

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