23. The capital account balances for April & May LLP on January 1, 2020, were as follows: April, capital P200,000 May, capital P100,000 April and May shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit July to the partnership with a 35% interest in partnership capital and net income. July invested P100,000 cash and no goodwill was recognized. What is the balance of April's capital account after the new partnership is created?

23. The capital account balances for April & May LLP on January 1, 2020, were as follows: April, capital P200,000 May, capital P100,000 April and May shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit July to the partnership with a 35% interest in partnership capital and net income. July invested P100,000 cash and no goodwill was recognized. What is the balance of April's capital account after the new partnership is created?

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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Either good accountinf form or not.
questions in the picture..
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