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The following are the capital balances and share in each profit of Ring
Aragorn 150 40%
Legolas 250 40%
Gimli 300 20%
9. If Gandalf was admitted by investing sufficient cash for 20% interest, how much must be his investment?
10. If Gandalf was admitted by paying the partners P100 for 10% interest in the firm, how much will be the capital of Aragorn after the admission if implied
11. How much did Gandalf have invested for 25% interest if after his admission in the firm the capital balance of Legolas increased by P20?
12. If Gimli withdrew from the firm and received P360, how much is the capital of Legolas if prior to withdrawal, the firm recorded a goodwill of P200.
13. If the partnership was liquidated and P250 is ready for distribution, how much will Gimli received?
14. If the partnership was liquidated and Gimli received P210, how much did Legolas received? (Aragorn is insolvent)
15. If all non-cash assets were sold at a loss of P200, how much did Gimli received if the firm paid all its liabilities of P50 (at book value)?
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