1. AA, BB and CC are partners with beginning capital balances of P 100,000, P 200,000 and P 300,000, respectively. The partnership agreement provides for the following division of profits and losses: (Salaries and Interest are provided whether there is net income or net loss)

a. Salaries to AA, BB, and CC amounting to P 30,000, P 40,000 and P 50,000, respectively;

b. 10% interest on beginning capital balances;

c. Partner AA is to receive a bonus of 20% profit after deducting salaries, interest, and bonus;

d. Any remainder of profit is divided equally.

If the profit before deducting salaries, interest, and bonus amounted to 300,000, how much is the share of each partner in the partnership profit?

a. AA

b. BB

c. CC

2. Using the same profit and loss agreement as in number 1, assume the profit after deducting salaries, interest, and bonus is P 200,000, how much is the share of each partner in the partnership profit?

a. AA

b. BB

c. CC

3. Still using the same profit and loss agreement as in number 1., assume that the residual profit after deducting salaries and interest is a loss negative figure of P 100,000, how much is the partnership profit for the period?