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How much is the value of the note that P will get

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Question - N, O and P are partners with capital balances on December 31, 19x5 of P300,000, P300,000 and P200,000, respectively. Profits are shared equally. P wishes to withdraw and it is agreed that he is to take certain furniture and fixtures with second had value of P50,000 and a note for the balance of his interest. The furniture and fixtures are carried on the books at P65,000. Brand new, the furniture and fixtures may cost P80,000. How much is the value of the note that P will get from the partnership's liquidation?

a. P145,000

b. P150,000

c. P195,000

d. P120,000

Reference no: EM132908098

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