Aries and Cyres are partners sharing profit of 2:1, respectively, in proportion to their capital contributions. Total partners’ capital amounted to P180,000 on June 30 when Bien, a new partner was admitted and before the accountant reported profit for distribution of P120,000. Bien paid both of them in exchange for 25% proportionate share of their interest. The transaction resulted to a gain of P5,000 for the partners. The tax rate was 30%. Required: 

a)How much was the cash paid by Bien? 

b) Entries to record profit and admission of Bien.

c) Prepare a revised partners' equity and the revised P and L ratio.

d) At the end of the year, the total taxable income earned was P275,000. What is Aries’ capital at year end?