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Question - Juliet and Kilo have capital balances of P200,000 and P220,000 respectively before admission of Lima. Their profit and loss agreement was 35:65. Lima was to be admitted for 40% interest in the partnership and 20% in the profits and losses by contributing a used machine which had a cost of P205,000 and an appraised value of P180,000. After admission of Lima, Juliet and Kilo agreed to share profits and losses equally. At the end of the year the new partnership generated net income of P130,000.
Required -
a. Assuming there is an implied undervaluation or overvaluation of an asset, how much is the undervaluation or (overvaluation) of the asset?
b. Assuming there is an implied undervaluation or overvaluation of an asset, how much is the capital balance of Kilo at the end of the year?
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