The adjusted trial balance of the Lee, Min and Ho partnership at December 31,2012 was as follows: Cash P50,000 Accounts Payable P80,000 Accounts Receivable-net 100,000 Loan from Ho 20,000 Non-monetary assets 800,000 Lee, Capital 300,000 Loan to Lee 50,000 Min, Capital 450,000 Expenses 400,000 Ho, Capital 350,000 Revenue 200,000 P1,400,000 P1,400,000 Additional information:

1. Partnership profits are divided 20%, 40% and 40% to Lee, Min and Ho respectively, after salary allowances of P25,000 each to Lee and Min for the time devoted to the business

2. Due to disastrous results of 2012, the partnership agreed to liquidate the business as soon as possible after January 1,2013 and to distribute available cash on a weekly basis

3. During the first week in January, P85,500 was collected on the accounts receivable and cash was distributed on January 8,2013

How much is the capital balance of Lee after January 8,2013 cash distribution, net of loan?

a. P264,833

b. 214,833

c. 181,500

d. 206,500

e. No answer given