May and Jun are partners with profit and loss ratio of 40:60 and capital balances of $600,000 and $400,000 respectively. On June 09, 2022, Julie was admitted into the partnership by investment for a 20% of the total partnership capitalization. What is Jun's new Profit and Loss Ratio after the admission of Julie? Note: Express your answer either in percentage or decimal. example: 50% or 0.50

May and Jun are partners with profit and loss ratio of 40:60 and capital balances of $600,000 and $400,000 respectively. On June 09, 2022, Julie was admitted into the partnership by investment for a 20% of the total partnership capitalization. What is Jun's new Profit and Loss Ratio after the admission of Julie? Note: Express your answer either in percentage or decimal. example: 50% or 0.50

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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