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What is the balance of Maduro capital account

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Question - On June 30, 1998, the balance sheet for the partnership of Coll, Maduro, and Prieto, together with their respective profit and loss ratios, was as follows: Assets, at cost P 180,000 Coll, loan P 9,000 Coll, capital (20%) 42,000 Maduro, capital (20%) 39,000 Prieto, capital (60%) 90,000 Total P 180,000 Coll decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P 216,000 at June 30, 1998. It was agreed that the partnership would pay Coll P 61,200 cash for Coll's partnership interest, including Coll's loan which is to be repaid in full. No goodwill is to be recorded. After Coll's retirement, what is the balance of Maduro's capital account?

a. P 36,450

b. 39,000

c. 45,450

d. 46,200

Reference no: EM132627923

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