Barrot and Bañaga are partners with capital balances of P400,000 and P260,000 respectively. They share profit and losses of 60% for Barrot and 40% for Bañaga. Bartolay was admitted in the partnership by investing sufficient amount for a 14 interest which includes P18,000 bonus given by the old partners upon admission. At the date of admission, the assets of the partnership are fairly valued. What is the amount of investment made by Bartolay?
Barrot and Bañaga are partners with capital balances of P400,000 and P260,000 respectively. They share profit and losses of 60% for Barrot and 40% for Bañaga. Bartolay was admitted in the partnership by investing sufficient amount for a 14 interest which includes P18,000 bonus given by the old partners upon admission. At the date of admission, the assets of the partnership are fairly valued. What is the amount of investment made by Bartolay?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Barrot and Bañaga are partners with capital balances of P400,000 and
P260,000 respectively. They share profit and losses of 60% for Barrot
and 40% for Bañaga. Bartolay was admitted in the partnership by
investing sufficient amount for a 1⁄4 interest which includes P18,000 bonus
given by the old partners upon admission. At the date of admission, the
assets of the partnership are fairly valued. What is the amount of
investment made by Bartolay?
196,000
Transcribed Image Text:Anton agrees to pay P24,500 for 35% of Amy's interest, but the assets
must first be revalued, in the retail business owned by Angel and Amy
whose capital balances are P65,800 and P85,000, respectively. Angel
and Amy share profits and losses 40% and 60%, respectively. What is the
capital balance of Angel after the admission of Anton?
55,800
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