12. The capital accounts of the partnership of Nakpil, Ortiz and Perez on June 1, 2008 are presented below with their respective profit and loss ratios: Nakpl P139,200 1/2 Ortiz 208.800 1/3 Perez 96,000 1/6 On June 1, 2008, Quizon is admitted to the partnership when he purchased, for P132,000, a proportionate interest from Nakpil and Ortiz in the net assets and profits of the partnership. As a result of a transaction, Quizon acquired a one-fifth interest in the net assets and profits of the firm. Assuming that implied goodwill is not to be recorded, what is the combined gain realized by Nakpil and Ortiz upon the sale of a portion of their interest in the partnership to Quizon? a. PO P62,400 b. P43.200 d. P82.000 13. Moonbits partnership had a net income of P8,000.00 for the month ended September 30, 2008. Sunshine purchased an interest in the Moonbits partnership of Liz and Dick by paying Liz P32,000 for half of her capital and half of her 50% percent profit sharing interest on October 1, 2008. At this time capital balance was P24,000 and Dick capital balance was P56,000. Liz should receive a debit to her capital account of: a. P12,000 C. P16,000 b. P20,000 d. P26,667