Reference no: EM133104456
Question - Lament desires to purchase a one-fourth capital and profit and loss interest in the partnership of Hebrews, Genesis, and John. The three partners agree to sell Lament 25% of their respective capital and profit and loss interests in exchange for a total payment of P100,000. The payment is made directly to the individual partners. The capital accounts and the respective percentage interests in profits and losses immediately before the sale to Lament follow:
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Hebrews
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168,000
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50%
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Genesis
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104,000
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35%
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John
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48,000
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15%
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All other assets and liabilities are fairly valued and Asset revaluation is to be recorded prior to the acquisition by Lament. Immediately after Lament's acquisition, what should be the capital balances of Hebrews, Genesis, and John, respectively?
A. P126,000; P78,000; P36,000
B. P178,000; P111,000; P51,000
C. P208,000; P132,000; P60,000
D. P156,000; P99,000; P45,000
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