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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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DD, EE, FF and GG share
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