Admission by Purchase with the computation of capital balances of the old partners after admission. Presented below is the condensed balance sheet of the partnership of Charry, Aireen and Queen who share in the profits and losses i the ratio of 6:3:1, respectively: Cash P185,000 Liabilities Other assets 415,000 Charry, Capital Aireen, Capital 122,400 Queen, Capital Total P600,000 Total P180,000 252,000 126,000 42,000 P600,000 The partners agreed to sell 20% of their capital and profit and loss interest to Joe for P90,000. The said payment is to be made directly to the partners. Immediately after Joe's admission, what is the capital balance of Aireen?

Admission by Purchase with the computation of capital balances of the old partners after admission. Presented below is the condensed balance sheet of the partnership of Charry, Aireen and Queen who share in the profits and losses i the ratio of 6:3:1, respectively: Cash P185,000 Liabilities Other assets 415,000 Charry, Capital Aireen, Capital 122,400 Queen, Capital Total P600,000 Total P180,000 252,000 126,000 42,000 P600,000 The partners agreed to sell 20% of their capital and profit and loss interest to Joe for P90,000. The said payment is to be made directly to the partners. Immediately after Joe's admission, what is the capital balance of Aireen?

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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