Reference no: EM132943401

Question - The trial balance of Vince, Grace, and Lance, on December 31, 2015, is as follows:

Cash P54,990

Other assets 25,000

Receivable from Vince 2,500

Merchandise inventory, January 1, 2015 10,500

Purchases 33,500

Expenses 13,510

6% Note payable to Vince, dated June 1, 2015 P 6,000

Sales 66,000

Rental income 1,100

Vince, capital 23,220

Grace, capital 26,780

Lance, capital 16,900

Merchandise inventory on December 31, 2015, amounts to P9,100; accrued interest on the note payable to Vince is to be recognized as of December 31. Nominal accounts are closed and P31, 500 is paid for Vince's net interest in the firm (capital, receivable, and payable balances). A few days later, Grace accepts a personal check for P32, 000 from Lance to quit the business and allow Lance to continue operations as a sole proprietor. The partners share profit and losses equally. Compute the ending capital balance of Lance immediately after Grace's withdrawal?