Problem Solving:

Elvis, Fame, and Gree invested P40,000, P30,000, and P25,000, respectively, in Elvis, Fame & Gree a partnership on June 30, 2020. They agreed to divide income or losses as follows:

(1) Salaries of P10,000, P8,000, and P6,000, respectively, to Elvis, Fame, and Gree (2) Interest of 10% on beginning capital account balances (3) Remaining net income or loss divided equally (4) A minimum of P15,000 of income guaranteed to Gree

If the income of the partnership for the fiscal year ended June 30, 2020, before salaries and interest allowances to partners, was P44,000, compute for each partner share on the profit.