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Tim and Menard are partners with capital balances P60,000 and P20,000, respectively. Profits and losses...

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Accounting

Tim and Menard are partners with capital balances P60,000 and P20,000, respectively. Profits and losses are divided in the ratio of 60:40. Tim and Menard decided to form a new partnership with Dave, who invested land valued at P15,000 for a 20% capital interest in the new partnership. Dave's cost of the land was P12.000. The partnership elected to use the bonus method to record the admission of Dave into the partnership. Dave's capital account should be credited for OP19.000 P15.000 OP12000 16.000

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