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ACTIVITIES AND EXERCISES [PARTNERSHIP OPERATIONS] l. Partners A and B share in profits and losses equally after salaries of PI 50,000 for A and P65,000 for B. The business earned profit of P250000 before deduction for the salaries. Requirements: a. Compute for the partners' respective shares in the profit. b. Provide the journal entries {the salaries are withdrawn periodically}. 2. A and B's partnership agreement provides for annual salary allowances of P] ?0.000 for A and for B. Profits are shared equally while losses are shared on a 60:40 ratio. The partnership earned profit of P210300. Requirement: Compute for the respective shares of the partners in the profit. 3. The partnership agreement of A and B states the following: o Monthly salary of P100010 for A. - 20% bonus to A. before deductions for salary, interest; and bonus - 10% interest on the weighted average capital of B. - Balance is shared equally. B's weighted average capital balance is P200000. The partnership reported profit of P60.000 for the year. net of salaries, bonus and interest Requirement: Compute for A's share in the profit