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7. Determine the capital to be credited to Austin. Celestine and Jewel are partners who share income in the ratio of 2:3. The partners agree

7. Determine the capital to be credited to Austin.

Celestine and Jewel are partners who share income in the ratio of 2:3. The partners agree to admit Austin as a partner upon investing P150,000 cash for a 1/5 interest in the firm. The assets of the firm are fairly valued except for a building that is overvalued by P150,000. The capital accounts of Celestine and Jewel show balances of P450,000 and P300,000

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