Answer with solution

CASE 2 (8 items x 5 points) Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000, respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively. Situations: A. No profit-sharing agreement C. Profit is divided equally B. No loss-sharing agreement D. Loss is divided 30:70, respectively Required: Compute the share of Cyril and James assuming: P800,000 profit P800,000 loss Situational Cases Cyril James Cyril James 1. A and B (5 2. B and C 6 3. A and D (7 4. C and D