DD, EE, FF and GG share profits and losses 20%, 20% and 40%, respectively. FF retired from the partnership on May 31, 2008 and was paid P150,000 cash in full settlement of his interest in the partnership. Then on June 1, 2008, HH was admitted to the partnership with a P60,000 cash investment for a 10% interest in the partnership. Ho much is the capital to be credited to HH?

DD, EE, FF and GG share profits and losses 20%, 20% and 40%, respectively. FF retired from the partnership on May 31, 2008 and was paid P150,000 cash in full settlement of his interest in the partnership. Then on June 1, 2008, HH was admitted to the partnership with a P60,000 cash investment for a 10% interest in the partnership. Ho much is the capital to be credited to HH?

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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