The capital accounts of the partnership of Bato, Bong, and Bongbong on June 1, 2005 are presented below with their respective profit and loss ratios: Bato P139,200 1/2 Bong 208,800 1/3 96.000 P444.000...

Extracted text: The capital accounts of the partnership of Bato, Bong, and Bongbong on June 1, 2005 are presented below with their respective profit and loss ratios: Bato P139,200 1/2 Bong 208,800 1/3 96.000 P444.000 Bongbong 1/6 On June 1, 2005, Pacman is admitted to the partnership when he purchased, for P132,000, a proportionate interest from Bato and Bong in the net assets and profits of the partnership. As a result of a transaction, Pacman acquired a one-fifth interest in the net assets and profits of the firm. Assuming that implied goodwill is not to be recorded, what is the combined gain realized by Bato and Bong upon the sale of a portion of their interest in the partnership to Pacman?