Capital balances and profit-sharing percentages for the partnership of Man, Eme, and Fot partnership on January 1, 2021, are as follows: Man Capital (36%) 140,000  Eme Capital (24%) 100,000  Fot Capital (40%) 160,000  Total 400,000 On January 3, 2021, the partners agree to admit Box into the partnership for a 25% interest in the capital and earnings for his investment in the partnership of $120,000. Partnership assets are not to be revalued. Determine the capital balances of Man, Eme, Fot, and Box immediately after the admission of Box.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Capital balances and profit-sharing percentages for the partnership of Man, Eme, and Fot partnership on January 1, 2021, are as follows:

Man Capital (36%) 140,000 

Eme Capital (24%) 100,000 

Fot Capital (40%) 160,000 

Total 400,000

On January 3, 2021, the partners agree to admit Box into the partnership for a 25% interest in the capital and earnings for his investment in the partnership of $120,000. Partnership assets are not to be revalued.

Determine the capital balances of Man, Eme, Fot, and Box immediately after the admission of Box.

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