On July 1, 2020, ZI was admitted to the partnership when he purchased a proportionate interest from JE and LAI representing 20% interest in the net assets and profits of the firm for P100,000. On this date, the carrying amounts of the assets and liabilities are as follows:

Cash - 20,000

Equipment - 340,000

Accounts Payable - 10,000

JE, Capital (40%) - 130,000

LAI, Capital (60%) - 220,000

The fair market value of equipment is P390,000.

23.How much is the share of LAI on the revaluation?

24.Using the information above, how much is the net debit or net credit in the capital account of LAI as a result from the admission of ZI?

25.Using the information above, how much is to be credited to ZI?