Don and Dan are partners for DonDan Industries with capital balances of P 300,000 and P 200,000, respectively and shares in the partnership profits and losses in the ratio of 60%- 40%. Dun is admitted in the partnership. Compute the capital balances of the partners after the admission of the new partner into the partnership if Dun invests P100, 000 for a 40% interest in the new partnership capital of P 520,000

Don and Dan are partners for DonDan Industries with capital balances of P 300,000 and P 200,000, respectively and shares in the partnership profits and losses in the ratio of 60%- 40%. Dun is admitted in the partnership. Compute the capital balances of the partners after the admission of the new partner into the partnership if Dun invests P100, 000 for a 40% interest in the new partnership capital of P 520,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 14MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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