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Question - The partnership of SCL Company had the following financial position as of December 31, 2020:
Assets
80,000 Cash
520,000 Other Assets
600,000 Total Assets
Liabilities and Capital
40,000 Liabilities
140,000 Sam, capital
170,000 Cel, capital
250,000 Lai, capital
600,000 Total Liabilities & Capital
Partners Sam, Cel, Lai share profit and losses in the ratio of 5:2:3 respectively. Assets and liabilities are recorded at the current fair values and no asset revaluation nor bonus will be considered. Mishie is to be admitted as a new partner with 20% capital interest and a 20% share of profits and losses in exchange for a cash investment. Determine the amount of investment to be contributed by Mickey.
a. P700,000
b. P140,000
c. P150,000
d. P120,000
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