Arjay and Cresildo are partners sharing profits in the ratio of 6:4 respectively and with capital balances of P50,000each. Vicente, the new partner, purchased 50% of Cresildo interest and paid her P15,000.00.How much is the partners' equity just after admissionaArjaybCresildoVicente

The partnership comes into existence when two or more persons agree to do the business and further…

Answered: and Cresildo are partners sharing…

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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and Cresildo are partners sharing profits in the ratio of 6:4 respectively and with capital balances of P50,000 Vicente, the new partner, purchased 50% of Cresildo interest and paid her P15,000.00. How much is the partners' equity just after admission Arjay Cresildo Vicente