Profit and Loss Distribution Problem for Accounting Ables and Galang divide partnership profits and losses solely on the basis of their average capital balances. Ables had P275,000 invested during all...

Profit and Loss Distribution Problem for Accounting




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 2021. Galang invested P200,000 from January 1 to August 31, and he invested another P75,000 on September 1. If profit was P800,00 during 2021, how much should each partner receive?