Jake desires to invest P 200,000 for x capital and profit and loss interest in the partnership of Kim and Lim, who at that time had capital balances of P 200,000 and P300,000, respectively. Profit and loss ratio of the partners before the admission was 6:4. If a positive asset revaluation is to be recorded, what are the capital balances of Kim, Lim and Jake? Kim Lim Jake

Jake desires to invest P 200,000 for x capital and profit and loss interest in the partnership of Kim and Lim, who at that time had capital balances of P 200,000 and P300,000, respectively. Profit and loss ratio of the partners before the admission was 6:4. If a positive asset revaluation is to be recorded, what are the capital balances of Kim, Lim and Jake? Kim Lim Jake

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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