Fill in the blanks: Mike and Tess are partners with capital balances of P70,000 and P50,000, respectively. They share profits and losses in the ratio of 3:1, respectively. Victor is to be admitted in the partnership for a cash contribution of P60,000 for a 1/2 interest in partnership capital and in the future profits and losses. 1. If Victor would be given a capital credit of P90,000, Mike's capital would be charged by Fill in the blanks: The partnership of A and B provides for equal sharing of profits and losses. Prior to the admission of C, the capital accounts are A, P150,000 and B, P210,000. C invests P180,000 for a P150,000 interest. 1. B, Capital immediately after the admission of C is Fill in the blanks: Egay and Egoe who share profits and losses equally have capital balances of P200,000 and P240,000, respectively. They admit Engyl for a 1/3 interest in partnership capital and profits for an investment of P260,000. 1. The net assets are undervalued by