Adam, Eve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 5:3:2. On July 1, 2022, when their capital balances stood at P50,000, P25,000 and P30,000 respectively, they agree to admit Cain to the partnership. Answer the questions that follow assuming, Cain invests P45,000 cash in the partnership for a 30% interest. What is the capital balance of Abel after formation of the partnership? * Your answer What is the capital balance of Cain after formation of the partnership? * Your answer What is the capital balance of Adam after formation of the partnership? * Your answer What is the capital balance of Eve after formation of the partnership? *

Adam, Eve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 5:3:2. On July 1, 2022, when their capital balances stood at P50,000, P25,000 and P30,000 respectively, they agree to admit Cain to the partnership. Answer the questions that follow assuming, Cain invests P45,000 cash in the partnership for a 30% interest. What is the capital balance of Abel after formation of the partnership? * Your answer What is the capital balance of Cain after formation of the partnership? * Your answer What is the capital balance of Adam after formation of the partnership? * Your answer What is the capital balance of Eve after formation of the partnership? *

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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