May and Jun are partners with profit and loss ratio of 55:45 and capital balances of ₱530,000 and ₱370,000, respectively. On June 9, 2022, Julie was admitted into the partnership by investment for a 40% of the total partnership capitalization. However, before the admission of Julie, the partners agreed that the asset “Equipment” should be revalued from ₱800,000 to ₱500,000. How much cash is to be invested by Julie?
May and Jun are partners with profit and loss ratio of 55:45 and capital balances of ₱530,000 and ₱370,000, respectively. On June 9, 2022, Julie was admitted into the partnership by investment for a 40% of the total partnership capitalization. However, before the admission of Julie, the partners agreed that the asset “Equipment” should be revalued from ₱800,000 to ₱500,000. How much cash is to be invested by Julie?
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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May and Jun are partners with
How much cash is to be invested by Julie?
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