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How should the profit for the year be divided

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Question - Refozar, Martinez and Magsino formed a partnership, it's on calendar year basis. The profit-sharing arrangements are as follows:

Until June 30, 2016, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1, 2016, salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended December 31, 2016 was P400,000 before charging partners' salaries, accruing evenly throughout the year, and after charging an expense for P40,000, which was agreed related wholly to the first six months of the year.

How should the profit for the year be divided among the partners?

Reference no: EM132573632

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