ABC Partnership decided to admit Dan who purchased a 20% interest from Allan by payingcash of P100,000. Allan's capital is P400,000. The effect of this transaction in thepartnership isdecrease in Dan, Capital and increase in Allan, Capital.O. increase in Allan's assets, increase in Dan, capital and decrease in Allan, Capitalincrease in partnership assets and partner's equitydecrease in Allan, Capital and increase in Dan, Capital

ABC Partnership decided to admit Dan who purchased a 20% interest from Allan by paying cash of P100,000. Allan's capital is P400,000. The effect of this transaction in the partnership is decrease in Dan, Capital and increase in Allan, Capital. . increase in Allan's assets, increase in Dan, capital and decrease in Allan, Capital increase in partnership assets and partner's equity decrease in Allan, Capital and increase in Dan, Capital

ABC Partnership decided to admit Dan who purchased a 20% interest from Allan by paying cash of P100,000. Allan's capital is P400,000. The effect of this transaction in the partnership is decrease in Dan, Capital and increase in Allan, Capital. . increase in Allan's assets, increase in Dan, capital and decrease in Allan, Capital increase in partnership assets and partner's equity decrease in Allan, Capital and increase in Dan, Capital

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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