21.On January 1, 2020, A & B formed a partnership. A invested P150,000 while B invested inventories costing P300,000. The fair market value of inventories were P250,000. A and B share 4:6 in the profit and loss, respectively. On July 1, 2020, C was admitted to the partnership when he purchased 20% interest in the net assets and profits of the firm from A for P100,000. The net assets of the firm as of this date approximate their fair value.

How much is the capital credit of C after admission?

22.Using the same information above, assuming on July 1, 2020, C was admitted to the partnership when he purchased a proportionate interest from A and B representing 20% interest in the net assets and profits of the firm for P100,000. The net assets of the firm as of this date approximate their fair values.

How much is to be debited to A?