Jungkook and Jiminare CPAS who have an Accounting firm who share profits and losses in the ratio of 70% and 30% respectively. On June 30, 2021, the capital balances of Jungkook and Jimin were P3,200,000 and P2,800,000, respectively. They have also agreed to admit Jin as a partner as they knew that Jin would be a great addition to their Accounting firm with a 30% capital interest. Jin invests P2,000,000 in the partnership, what would be the capital balance of Jungkook after the admission of Jin?

Jungkook and Jiminare CPAS who have an Accounting firm who share profits and losses in the ratio of 70% and 30% respectively. On June 30, 2021, the capital balances of Jungkook and Jimin were P3,200,000 and P2,800,000, respectively. They have also agreed to admit Jin as a partner as they knew that Jin would be a great addition to their Accounting firm with a 30% capital interest. Jin invests P2,000,000 in the partnership, what would be the capital balance of Jungkook after the admission of Jin?

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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