On December 31, 2018, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: Current Assets Noncurrent Assets P 500,000 1,100,000 1,200,000 700,000 On January 1, 2019, D is admitted to the partnership by investing P500.000. to the partnership for 10% capital interest. The total agreed capitalization of the new partnership P 1,500,000 2,000,000 Total Liabilities A, Capital B, Capital C, Capital is P 3,000,000.

On December 31, 2018, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: Current Assets Noncurrent Assets P 500,000 1,100,000 1,200,000 700,000 On January 1, 2019, D is admitted to the partnership by investing P500.000. to the partnership for 10% capital interest. The total agreed capitalization of the new partnership P 1,500,000 2,000,000 Total Liabilities A, Capital B, Capital C, Capital is P 3,000,000.

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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