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O and T are partners with capital balances P60,000 and P20,000 respectively. Profits and losses are divided in the ratio of 60:40. O and I
O and T are partners with capital balances P60,000 and P20,000 respectively. Profits and losses are divided in the ratio of 60:40. O and I decided to form a new partnership with G, who invested land valued at P15,000 for a 20% capital interest in the new partnership. G's cost of the land was P12,000. The partnership elected to use the bonus method to record the admission of G into the partnership Required: G's capital account should be credited for how much
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