II$.$ Distribution of Profits and Losses

Use the following information for the next $3$ questions.

M & M LTD$.$ Maria and Martha are partners in the M & M Ltd$.$ During the last calendar year, the partnership earned P$120,000$ net income. Shown below are the summary of the capital accounts of each partner as they appear in the general ledger of the partnership:

Maria and Martha agreed on the following profit distribution:

a$.12\%$ interest is given on the basis of the peso month average capital balance of each partner;

b$.$ annual salaries allowed to Maria P$60,000$ and to Martha P$80,000$; and

c$.$ the balance to be shared as follows: $1/3$ to Maria and $2/3$ to Martha.

Questions:

$1.$ What is the average capital of Maria? Round off your answer.

$2.$ What is the average capital of Martha? Round off your answer.

$3.$ What is the share in the net income of Martha? Round off your answer.