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Provide journal entry with explanation

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Biore invested 800,000 on Jan 1, 2019 and an additional 150,000 on April 1. Besario invested 1,200,000 on Jan 1 and withdraw 200,000 on July 1. The partnership contract provided that each partner may withdraw 10,000 on the last day of each month; both partners did so during the year.

Problem a. Summarize the transactions in the ledger accounts(T-accounts)

Problem b. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Profit=500,000

Problem c. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Loss= 300,000

Reference no: EM132670026

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