May and Jun are partners with profit and loss ratio of 50:50 and capital balances of $5,400,000 and $6,300,000, respectively. On June 09, 2022, Julie was admitted into the partnership by investing $8,100,000 for a 30% of the total partnership capitalization. How much is May's new capital after the admission of Julie?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
May and Jun are partners with
How much is May's new capital after the admission of Julie?
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