Problem
Partners D, E and F had capital balances at the beginning of 2015 as follows: D, Capital P 800,000 E, Capital 400,000 F, Capital 200,000 In 2015, the partnership had earned profit of P 150,000, which was to be divided in the ratio of 6:22. On January 1, 2016, the partners had agreed to admit S for a 20% interest in capital and profits of the partnership by purchasing some of the shares of the partners for P 350,000. Assuming assets were undervalued, what would be credited to 8 upon admission?