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What is the combined gain realized by nunu and jyp

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Reference no: EM132821475

The capital accounts of the partnership of Nunu, JYP, and Red on June 1, 2020 and are presented below with their respective profit and loss ratios:

Nunu      P139,200      1/2
JYP     P208,800         1/3
Red      96,000            1/6

Problem 1: On June 1, 2020, Cheer is admitted to the partnership when he purchased, for P132,000, a proportionate interest from Nunu and JYP in the net assets and profits of the partnership. As a result of a transaction, Cheer acquired a one-fifth interest in the net assets and profits of the firm. What is the combined gain realized by Nunu and JYP upon the sale of a portion of their interest in the partnership to Cheer?

A) P62,400

B) P43,200

C) P0

D) P82,000

Reference no: EM132821475

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