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How much should hermes receive as final settlement

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Question - On January 1, 2016, partners Hermes, Coach, Louis intitially contributed P200,00: P300,000 and P400,00, respectively. They agreed to allow 10% interest on capital balances at beginning of the year, and any remaining balance of the profit is to be divided according to their average capital balances during the year. For the years 2016 to 2019, the partnership profits are P500,000; P800,000; P1,200,000; and P2,000,000. It all non-cash are realized at carrying amounts and all the partnership liabilities paid, how much should Hermes receive as final settlement in the partnership?

Reference no: EM132954579

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