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Prepare the journal entries to close the income summary

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Question - Distribution of Profits or Losses based on partner's agreement Toto, Tata, and Tete are partners in TTT Company, with average capital balances for the year of 300,000, 400,000 and 200,000, respectively. They share remaining profits and losses in a 2:5:3 respectively, after each receives a P150,000 salary and 10% interest on his average capital balances.

Required - Prepare the journal entries to close the income summary, assuming a:

a. Profit of P740,000

b. Profit of P140,000

c. Loss of P60,000

Reference no: EM132957063

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