PHILIPPINE LAW

REQUIRED:Calculate how much will each of the partner share in the division of profit or bear in terms of losses.

Ted, Ronald and Geno formed a partnership, whereby each of them contributed P30,000.00 They agreed that should the partnership realize profit, the same shall be distributed in the following proportions:

Ted, as managing partner -----------------------40%

Ronald---------------------------------------------30%

Geno---------------------------------------------30%

After a year of operation, the partnership's profit amounted to P100,000.00. How much will be the share of each partner?

Suppose they did not stipulate as to how much will be the share of each partner, how will the profits be divided?

Suppose there is a fourth partner, who is classified as an industrial partner, how much will be the share of such partner in the partnership.

Suppose that the partnership instead suffered losses, how will this be distributed among the partners?