The following are the capital account balances and the profit and loss sharing ratio of the partners of MTR Motors Company on December 31, 2019: M (25%) 60,000; T (50%) 80,000; and R (25%) 200,000. On January 1, 2020, L is admitted as a new partner under the following agreement: L is to share 1/3 in the profits and losses while the other partners will continue to share in the P/L in their original ratio. L is to pay T 24,000 for a interest to the latters equity in the partnership and is to invest 140,000 cash in the partnership. Ls capital account after the admission is to show 150,000 and the total capital of the new partnership is 520,000.

Requirements: 1. Compute for the respective partners capital account balances after the admission of L. 2. Compute for the new P/L ratio of the partners in the new partnership.