Ang, Beng and Ching are partners sharing profits in the ratio of 3:3:2. On June 30, 2020 theircapital balances are as follows: Ang, P 600,000; Beng, P400,000; and Ching, P300,000.The partners agree to admit Dong on the following agreement:a. Dong is to pay Ang P400,000 for ½ interest of Ang's interest.b. Dong is also to invest P300,000 in the partnership.c. The total capital of the partnership is to be P2,000,000, of which Dong's interest is tobe 25%.What is the capital balance of Beng after the admission of Dong?

Given information, •Dong is to pay Ang P400,000 for % interest of Ang's interest. •Dong is also to…

Answered: Ang, Beng and Ching are partners…

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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