On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P300,000, P500,000 and P200,000. A is appointed as managing partner. During 2018, A, B and C made additional...

On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P300,000, P500,000 and P200,000. A is appointed as managing partner.

During 2018, A, B and C made additional investments of P500,000, P200,000 and P300,000, respectively. At the end of 2018, A, B and C made drawings of P200,000, P100,000 and P400,000, respectively. At the end of 2018, the capital balance of C is reported at P320,000.

The profit or loss agreement of the partners is as follows:

• 10% interest on original capital contribution of the partners.

• Quarterly salary of P40,000 and P10,000 for A and B, respectively.

• Bonus to A equivalent to 20% of Net Income after interest and salary to all partners

• Remainder is to be distributed equally among the partners.

What is C’s share in the partnership profit for the year ended December 31, 2018?

P120,000

P320,000

P180,000

P220,000