On January 1, 2021, Jay, Jun and John have capital balances of P125,000, P75,000 and P100,000, respectively. While, the profit and loss ratio is 2:1:2, respectively.

Analyze the following independent situations for the next six questions.

1. A new partner, Nits, was admitted on January 1, 2021 who will invest cash of P50,000 for a 20% interest in an agreed capitalization of P350,000. How much is the capital of Jay after the admission of Nits?
2. Queen joined the firm on January 1, 2021 to a 40% interest for an investment of P220,000. Agreed capitalization was P550,000. The accountant recognized an asset revaluation attributable to Jun of:
3. Jem joined the partnership on January 1, 2021 by investing P150,000 for a 1/5 interest in an agreed capitalization of P500,000. How much is the capital of John after the admission of Jem?
4. King joined the partnership on January 1, 2021 by investing P120,000 for a 35% interest in an agreed capitalization of P400,000. After admission, the accountant recognized a decrease in capital to Jay amounting to:
5. Jay retired by selling his share to Jun for P100,000. How much is the total capital of the partnership after the retirement of Jay?
6. Jun retired and the partnership paid him P100,000 after the assets were revalued. Total asset revaluation amounted to: