15. Rosemarie and Rose are partners sharing profits and losses in the ratio of 7:3 respectively. On February 14, 2020, their respective capital balances are as follows: Rosemarie: P 35, 000; Rose: P 30, 000. On that day, they agreed to admit Rosauro as partner with one third interest in the capital and profits and losses upon investment of P 25, 000. The new partnership will begin with a total capital of P 90, 000. Immediately after the admission of Rosauro, the capital balances of Rosemarie, Rose and Rosauro respectively must be: a. P 30, 000; P 30, 000; P 30, 000 b. P 31, 667; P 28, 333; P30, 000 c. P 31, 500; P 28, 500; P 30, 000 d. P 35, 000; P 25, 000; P 30, 000 e. answer not given
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
15. Rosemarie and Rose are partners sharing
a. P 30, 000; P 30, 000; P 30, 000
b. P 31, 667; P 28, 333; P30, 000
c. P 31, 500; P 28, 500; P 30, 000
d. P 35, 000; P 25, 000; P 30, 000
e. answer not given
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