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Problem 1: On May 1, 2010, Clark, Kent and Louis are partners with capital balances of P 500,000, P 300,000 and P 400,000 respectively. They share profits and losses according to their capital balances. Louis died on this date. They have determined that the net income earned as of this date is P 325,000. However, inventories in the amount of P 40,000 has been considered worthless but was not considered in the determination of net income. Income earned for the year ended December 31, 2010 is P 760,000. The articles of partnership declared that in the case of death of a partner, the remaining partners may continue to use the demised partner's fund until the end of the year provided he/she will be paid 18% interest from the date of his/her date. What amount will be paid to the estate of Louis?
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