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Compute for capital of Geene immediately after admission

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Question - Geene and Mae are partners engaged in merchandising business. To solve insolvency problem and create opportunity for expanding operations, they admitted Dianne as new partner. Account balances prior to admission of Dianne are as follows:

Cash P 15,000 Accounts Payable P 85,000

A/R (net) 40,000 Geene, Capital (60%) 90,000

Inventory 200,000 Mae, Capital (40%) 70,000

Total Assets P 255,000 Total Equities P 255,000

Dianne invested cash for a 1/3 interest in partnership assets and profits. Aside from her cash investment, Dianne was credited an additional P10,000, charged against the capital of the original partners. Compute for the capital of Geene immediately after the admission of Dianne.

Reference no: EM132576244

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