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Which of the statements is wrong

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Question - Lalaine, Erin and Gia are partners with capital balances of P336,000, P540,000 and P190,000 respectively, sharing profits and losses in the ratio of 2:5:1. Selena is admitted as a new partner bringing with him expertise and is to invest cash for a 15% interest in the partnership considering the transfer of capital from him of P90,000 upon his admission.

Upon admission of Selena, which of the following statements is wrong?

A. The capital balance of Erin amount to P596,250.

B. Cash will be debited in the amount of P204,000.

C. The capital account of Gia will be credited in the amount of P11,250.

D. The total agreed capital of the old partners is P90,000 greater than there contributed capital.

Reference no: EM132652666

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