and Cedrick are patners of Zedski Company. The Income and Expense Summary account before final closing shows a credit balance of P225,000 at the end of the fiscal year. The following were taken from...

need all requirements a-c

Extracted text: and Cedrick are patners of Zedski Company. The Income and Expense Summary account before final closing shows a credit balance of P225,000 at the end of the fiscal year. The following were taken from the respective capital account ledgers of Arvin and Cedrick: Arvin Cedrick Jan 1 Balance P120,000 Jan 1 Balance P150,000 18,000 14,000 Apr 1 Investment Aug 1 Withdrawal 25,000 15,000 Apr. 1 Withdrawal Sept 1 Investment Required: Determine how profit is distributed to partners (show supporting schedule of profit distribution) under the following separate assumptions: a). 10% interest based on beginning capital is provided and the remaining amount is distributed based in ending capital balances. b). 20% interest is allowed to partners based in ending capital balances, P15,000 salaries to each of the partners and the remaining amount is distributed based on an arbitrary ratio of 4:2. c). 12% interest is provided for based on the average capital balances, bonus to Arvin of 20% of profit before salaries but after bonus, salaries to each of the partner in the amount of P20,000 and P15,000, respectively and the remainder equally divided.