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Question - On March 31, 2020, Karen admits Lanie for an interest in his business.
On this date, Karen's capital account shows a balance of P250,175. The following were agreed upon before the formation of the partnership.
1. Prepaid expenses of P11,200 and accrued expenses of P4,500 are to be recognized.
2. 4% of the outstanding accounts receivable of P90,000 of Karen is to be recognized as uncollectible.
3. Lani is to be credited with a 45% interest in the partnership and is to invest cash aside from the Equipment with a book value of P48,000 and a fair value of P46,500.
Required - How much is the adjusted capital of Karen and the new capital of the partnership?
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