01/12/2023
Kathryn and Daniel, partners for eleven years, are concluding their partnership. Kathryn is stepping down due to personal reasons, and Daniel is introducing Andrea as a new partner.
As of December 31, partnership assets amount to P200,000, liabilities are P50,000, and the fiscal year's net profit is P30,000.
Kathryn's capital account balance is P80,000, with her withdrawal effective at the fiscal year-end.
Andrea and Daniel plan to share profits and capital contributions at a 60:40 ratio.
For Andrea's entry, what will be her initial capital contribution ?
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