X and Y run a partnership. Z joined the partnership on 1 July 2018. It was further agreed that, on that date: 1 The assets of the partnership would be revalued upward by $48000$. 2 Goodwill would be valued at $20000$, but no goodwill account would be kept in the books of account. 3 Z would contribute $80000$ cash. 4 The profit and loss sharing ratio would be X, Y and Z, $2:1:1$ respectively. What was the balance on Z’s capital account immediately after the admission?
- A$63000$
- B$75000$
- C$87000$
- D$97000$