Capital balances and profit-sharing percentages for the partnership of Manda, Emeril, and Fotenot on January 2, 2020 are as follows: Manda (36%) 140,000 Emeril (24%) 100,000 Fontenot (40%) 160,000 On January 4, 2020, the partners agree to admit Boudreaux into the partnership for 25% interest in capital and earnings for his investment in the partnership of P120,000. Partnership assets are not to be revalued. What is the capital balance of partner Manda immediately after the admission of Boudreaux?

Capital balances and profit-sharing percentages for the partnership of Manda, Emeril, and Fotenot on January 2, 2020 are as follows: Manda (36%) 140,000 Emeril (24%) 100,000 Fontenot (40%) 160,000 On January 4, 2020, the partners agree to admit Boudreaux into the partnership for 25% interest in capital and earnings for his investment in the partnership of P120,000. Partnership assets are not to be revalued. What is the capital balance of partner Manda immediately after the admission of Boudreaux?

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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