LLL, MMM and NNN are partners who share profits and losses 5:3:2, respectively. On October 1, 2020, they have the following capital balances: LLL – P296,000; MMM – P520,000 and NNN – P384,000. The assets and liabilities of the partnership are recorded at their current fair value. OOO is to be admitted as a new partner with a 20% interest in capital and earnings. LLL was credited a bonus of P10,000. How much cash should OOO contribute?
LLL, MMM and NNN are partners who share
Baymax Inc is insolvent and its statement of affairs show: Estimated gain on realization of assets, P2,000,000; Estimated loss on realization of assets, P2,560,000; Additional assets, P1,200,000; Additional liabilities, P960,000; Ordinary shares, P12,000,000; Deficit, P11,200,000. The pro-rata payment to stockholders on the peso is:
Note: You answer can have decimal value. Example: P0.99 (Round off to two decimal places)
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