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What the lusterio capital account should be credited

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Question - Salvador and Cureg are partners with capital balances of P60,000 and P20,000, respectively. Profits and losses are divided in the ratio of 60:40. Salvador and Cureg decided to form a new partnership with Lusterio, who invested land valued at P15,000 for a 20% capital interest in the new partnership. Lusterio's cost of the land was P12,000. The partnership used the bonus method to record the admission of Lusterio into the partnership. Lusterio's capital account should be credited for

a. P12,000.

b. P15,000.

c. P16,000.

d. P19,000.

Reference no: EM133177514

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