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Question - Lian, Kia and Lala are partners sharing profits in the ratio of 5:3:2 respectively. As of Dec 31, 2010, their capital balances were P95,000 for Lian, P80,000 for Kia, P60,000 for Lala.On January 1, 2016, the partners admitted Matt as a new partner and according to their agreement, Matt will contribute P80,000 in cash to the partnership and also pay P10,000 for 15% of Kia's share. Matt will be given a 20% share in profits, while the original partners share will be proportionately the same as before. After the admission of Matt, the total capital will be P330,000 and Matt's capital will be P70,000. Determine the amount of asset revaluation?
a. P7,000
b. P22,000
c. P15,000
d. P37,000
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