1. Joycee and John share a profit in the ratio of 3:2. However, Joycee is to receive a bonus of 20% of profits, in addition to her profit share. The partnership made a profit for the year of P24,000 before bonus. Assuming Joycee's bonus is computed on profit after deducting the said bonus, how much profit share will John receive?*

P 16,000

P 8,000

P 9,600

P 9,000

2. Chiron, a partner in the Pegasus Partnership, has 20% participation in the profit or loss. Chiron's capital account had a net decrease of P240,000 during the 2020 calendar year. During 2020, Chiron withdrew P520,000 and contributed a property worth P100,000 to the partnership. What was the profit of the partnership?*

P600,000

P1,400,000

P900,000

P2,200,000