Q1.3 Distribution of partnership profits Andy and Brad have been in partnership since 01 January 2012. Andy made an initial capital investment of N $0000 on 01 January 2012 . He nvests a further N\$ 20000 on 01 April 2012. On 01 January 2012 Brad invested N\$160 000, N\$10000 of which he withdrew on 01 October 2012. The partnership agreement stipulates that each partner may draw N\$1000 as an advance on expected profits at the end of each month. NB: such drawings have no influence on the profit for the period distribution-it is simply debited against the partners' current or withdrawal accounts). The profit earned by the firm for the year ended 31 December 2012 amounts to N$60000. You are required to divide the profit in each of the following situations: a) Profit is shared in the ratio Andy 60% and Brad 40% b) Profits are shared based on the initial capital ratio. c) Profits are shared based on closing balances of capital accounts d) Profits are shared equally between the partners