Question

P and Q enter into joint venture and purchase an old house for $250,000. Each one of them contributing $125,000. For an agreed fee of $8000 P is to manage the disposal for the property. P pays 5000 for demolishing the house. The material house was sold for 15000$ by phone and incurred expenses 3500$. The whole land was sold by people eventually for $380,000.
If P and Q shares profit equally then what is the profit?

Answer 1

P and Q spent:
$ 250000+ $5000+$3500=$258500 (they agreed to spend $8000 but spent $5000 and additional expense of $3500)
They received:
$15000+$380000=$395000
The difference is the profit:
$395000-$258500=$136500
Each of them got $136500/2=$68250