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Problem - Perez contributed P24,000 and Cadiz contributed P48,000 to form partnership, and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P16,290; Perez withdrew P5,050 and Cadiz P8,000. At the start of the following year, they agreed to admit Gomez into the Partnership. He was to receive a one- fourth interest in the capital and profits upon payment of P30,000 to Perez and Cadiz, whose capital accounts were to be reduced by transfers to Gomez's capital account of amounts sufficient to bring them back to their original capital ratio. How should the P30,000 paid by Gomez be divided between Perez and Cadiz?
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