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How much is the share of Eljay in the profit for the year

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Problem - The capital accounts of Eljay and Apol at the end of the year follow:

 

Eljay

Apol

January 1 balance

P160,000

P240,000

Investment

 

 

3/28

180,000

-

10/25

-

80000

Withdrawal

 

 

9/4

40,000

-

8/1

-

20,000

The partnership had a profit of P120,000 for the year. The partnership agreement provides that the profit be divided according to average capital ratio.

Required - How much is the share of Eljay in the profit for the year?

Reference no: EM132831168

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