A partnership was formed when A, B, C, and D contributed P30,000 each of cash. During the first year, the partnership earned profit of P20,000. 

Assume that there is an additional partner, E, who is an industrial partner and their managing partner. The fair value of services rendered by E during the period was P2,000. There was no explicit agreement as to the sharing of profits and losses. How much is the share of C in the profit?

Answer rating: 100% (QA)

In the absence of an explicit profitsharing agreement profits are shared equally ... View the full answer