What is Villanueva’s total profit share for the year ended June 30, 2018?

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 3SEB
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Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2018, Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30,2018 were:

6 months ended Dec. 31, 2017 P300,000
6 months ended June 30, 2018 P450,000

An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva’s total profit share for the year ended June 30, 2018?

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