W and X are partners who have agreed to admit Y, who will invest P15,000 for a 20 percent interest. The previous capital balances were P15,000 and P30,000 for W and X, respectively. W and X had shared profits and losses equally. What amount will be recorded in Y's Capital account?     a. P6,000 credit b. P12,000 credit c. P15,000 credit d. P9,000 credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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W and X are partners who have agreed to admit Y, who will invest P15,000 for a 20 percent interest. The previous capital balances were P15,000 and P30,000 for W and X, respectively. W and X had shared profits and losses equally. What amount will be recorded in Y's Capital account?  
 
a. P6,000 credit
b. P12,000 credit
c. P15,000 credit
d. P9,000 credit
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