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How much is lance share in the profit

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Question - Rian, Lance, Weng and Sidd own a publishing company that they operate as a partnership. Their agreement includes the following:

Rian will receive a salary of P20,000 and a bonus of 3% of income after all the bonuses

Lance will receive a salary of P10,000 and a bonus of 2% of income after all the bonuses

All the partners are to receive the following: Rian - P5,000; Lance - P4,500; Weng - P2,000; and Sidd - P4,700, representing 10% interest on their average capital balances.

Any remaining profits are to be divided equally among the partners

Partnership reports a profit of P40,000

Required - How much is Lance's share in the profit if profit is distributed in the following order of priority: Interest on invested capital, then bonuses, then salary, and then according to profit and loss percentage?

Reference no: EM133188294

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