The partnership agreement of Carina, Nora and Ulyzzes provided for the following terms on distribution of profits and losses: A. Carina is to receive 10% of the profit up to P1,000,000 and 20% on the amount of excess; B. Nora and Ulyzzes each, are to receive 5% of the remaining profit in excess of P1,500,000 after Carina's share as per above;