AQUA and BEAST are partners in AX Entertainment with capital balances of P300,000 and P250,000 sharing profits and losses 6:4 respectively. They have a friend named PLANT and they agreed to admit him as partner since PLANT had also been in entertainment industry for years. PLANT invests P150,000 for a 40%interest in the firm. AQUA and BEAST transfer part of their capital to PLANT as a bonus. What would be the capital balance of AQUA after the admission of PLANT?
AQUA and BEAST are partners in AX Entertainment with capital balances of P300,000 and P250,000 sharing profits and losses 6:4 respectively. They have a friend named PLANT and they agreed to admit him as partner since PLANT had also been in entertainment industry for years. PLANT invests P150,000 for a 40%interest in the firm. AQUA and BEAST transfer part of their capital to PLANT as a bonus. What would be the capital balance of AQUA after the admission of PLANT?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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AQUA and BEAST are partners in AX Entertainment with capital balances of P300,000 and P250,000 sharing
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