A 60% P300,000 B 30% P120,000 10% P50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total paymer P90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admissi

A 60% P300,000 B 30% P120,000 10% P50,000 The partners decided to sell D 20% of their respective capital and profit and loss interests for a total paymer P90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admissi

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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Question

6. A, B and C partnership shows the following profit and loss ratios and capital balances:
A
60%
P300,000
B
30%
P120,000
10%
P50,000
The partners decided to sell D 20% of their respective capital and profit and loss interests for a total payment of
P90,000. D will pay directly to the partners. If the partners agreed to revalue the assets prior to the admission of D,
what is the capital balance of C after D's admission?

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