Q1 through Q4.

Sarmiento and Caleon are partners in a business. Sarmiento's original capital

investment was P400,000 and Caleon's was P600,000. They agreed to share profits and losses as follows:

Salaries

Interest on original capital Remaining Profits or losses

Sarmiento Caleon 120,000 180,000

10% 10% 3/5 2/5

Q1. If profit for the year was P500,000, what is the share of sarmiento in the partnership profit?

a. 160,000

b. 220,000

c. 234,000

d. 240,000

Q2. If profit for the year was P300,000, what is the share of Caleon in the partnership profit?

a. 200,000

b. 186,000

c. 180,000

d. 174,000

Q3. If losses for the year were P100,000, what is the share of Sarmiento in the partnership profit?

a. (126,000)

b. (140,000)

c. (60,000)

d. (100,000)

Q4. If profit for the year was P150,000, what is the share of Sarmiento in the partnership profit?

a. 90,000

b. 24,000

c. 10,000

d. 56,000