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A, B and C are partners with capital balances and profit and loss ratios of P50,000 (30%), P70,000 (20%) and P79,500 (50%), each respectively. The partnership owes C P20,000, while B owes the partnership P10,000. D is admitted into the partnership by purchasing 1/2 of the capital of B for P40,000 and investing P30,000 for a 40% interest in the partnership. The partners agree that there should be asset revaluation. After D's admission, total partnership capital will be P300,000. Problem 1: How much is the capital of B after D's admission?
a. 38,100
b. 35,300
c. 34,100
d. 39,100 Problem 2: How much is the share of D in the asset adjustment after D's admission?
a. 55,000
b. 50,000
c. None
d. 22,000
Problem 3: How much is the capital of C after D's admission?
a. 104,500
b. 77,250
c. 89,750
d. 79,500
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this problem comes from managerial accounting a focus on ethical decision making 5th edition jackson sawyer and
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