1. Assuming that Neil and Cooper wanted to continue the partnership wherein they will have a total capital of P1,000,000 and will share profits equally. How much shall Neil withdraw to make his capital equal to 50% of the agreed capital?2. Assuming that Neil and Cooper wanted to continue the partnership wherein they will have a total capital of P1,000,000 and will share profits equally. How much shall Cooper invest to make his capital equal to 50% of the agreed capital?

As of January 1, 2020, Neil and Peter of NP Partnership have capital balances of P500,000 and P650,000, respectively. Neil is entitled for 60% of the partnership profits and losses. At the start of the same year, Tariq and Cooper were admitted to the partnership. Manners of admission are as follows: 1. Tariq will be admitted to the partnership by purchasing 10% of Neil's interest and 20% of Peter's Interest. He will pay them P70,000 and P120,000, respectively. It was determined that Tariq's payment to Neil is the fair value of his purchased interest. On the other hand, Tariq's payment to Peter is below fair value because Tariq and Peter are best friends. 2. After Tariq's admission, Cooper will then invest cash that will give him 10% interest in the partnership. Additional information: a. After Tariq's admission and before Cooper's admission, Neil and Peter's remaining profit or loss share is equal to their old ratio less that of the rate transferred to Tariq. b. After Cooper's admission, Neil, Peter and Tariq's profit or loss share is equal to the rate computed in item (a) adjusted for the interest given to Cooper for his investment. Six months after Tariq and Cooper's Admission, Peter died of heart attack. At this point, profit was determined to be P500,000. It was also determined that due to the pandemic, the assets fair value have declined below its book value. The amount of negative asset revaluation is P200,000. Grieving due to the death of his best friend, Tariq decided to remove himself from the partnership. When he expressed this to Neil and Cooper, they felt his pain. Thus, they decided to give him a total bonus of P100,000 to be shared by Neil and Cooper based on their remaining profit or loss ratio