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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.

 

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

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