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How much is the capital balance of kate after the admission

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Question - Kate and Peter are partners with capital balances of P600,000 and P200,000, respectively. Profits and losses are divided in the ratio of 60:40. Kate and Peter decided to form a new partnership with Garry, who invested land valued P150,000 for a 20% interest in the new partnership. Garry's cost of the land was P120,000. The partnership assets are not fairly valued at the time of the admission of Garry into the partnership. How much is the capital balance of Kate after the admission of Garry?

Reference no: EM133182619

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