ABC contributed P48,000 and DEF contributed P96,000 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P32,580, ABC withdrew P10,100 and DEF P16,000. At the start of the following year, they agreed to admit GHI into the partnership. He was to receive a one-fourth interest in the capital and profits upon payment of P60,000 to ABC and DEF, how much should ABC received from GHI?
ABC contributed P48,000 and DEF contributed P96,000 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P32,580, ABC withdrew P10,100 and DEF P16,000. At the start of the following year, they agreed to admit GHI into the partnership. He was to receive a one-fourth interest in the capital and profits upon payment of P60,000 to ABC and DEF, how much should ABC received from GHI?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ABC contributed P48,000 and DEF contributed P96,000 to form a
partnership and they agreed to share profits in the ratio of their
original capital contributions. During the first year of operations,
they made a profit of P32,580, ABC withdrew P10,100 and DEF
P16,000. At the start of the following year, they agreed to admit
GHI into the partnership. He was to receive a one-fourth interest in
the capital and profits upon payment of P60,000 to ABC and DEF,
how much should ABC received from GHI?
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