Problem 2. The partnership agreement of Wanwan, Layla and Claude provides for the year-end allocation of net income in the following order: First, Wanwan is to receive 10% of net income up to P200,000 and 20% over 200,000 Second, Layla and Claude are each too receive 5% of the remaining income over P300,000. The balance of income is to be allocated equally among the three partners. The partnership income was P500,000 before any allocations to partners. What amount should be allocated to each partner?

Problem #4 Distribution of Profits or Losses Based on Partners' Agreement Ables and Galang divide partnership profits and losses solely on the basis of their average capital balances. Ables had P275,000 invested during all of 2019; Galang nad P200,000 invested from January 1 to August 31, and he invested another P75,000 on September 1. If profit was P800,000 during 2019, how much should each partner receive?