14. On June 30, 2021, the balance sheet of Western Marketing, a partnership, is summarized as follows: Sundry assets. .P 150,000 West, Capital . 90,000 Tern, Capital.. 60,000 West and Tern share profit and losses at a 60:40 ratio, respectively. They agreed to take in Cuba as a new partner, who purchases 1/8 interest of West and Tern for P25,000. What is the amount of Cuba's capital to be taken up in the partnership books?

14. On June 30, 2021, the balance sheet of Western Marketing, a partnership, is summarized as follows: Sundry assets. .P 150,000 West, Capital . 90,000 Tern, Capital.. 60,000 West and Tern share profit and losses at a 60:40 ratio, respectively. They agreed to take in Cuba as a new partner, who purchases 1/8 interest of West and Tern for P25,000. What is the amount of Cuba's capital to be taken up in the partnership books?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I. Account balances of MAME partnership as of June 30, 2020 are as follows:
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