On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets Noncurrent Assets 1,000,000 2,000,000 Total Liabilities A, Capital B, Capital C. Capital 600,000 900,000 800,000 700,000 On January 1, 2021, D is admitted to the partnership by purchasing 40% of the capital interest of B at a price of P500,000. What is the capital balance of B after the admission of D on January 1, 2021? a. 540,000 b. 480,000 c. 420,000 d. 300,000

On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets Noncurrent Assets 1,000,000 2,000,000 Total Liabilities A, Capital B, Capital C. Capital 600,000 900,000 800,000 700,000 On January 1, 2021, D is admitted to the partnership by purchasing 40% of the capital interest of B at a price of P500,000. What is the capital balance of B after the admission of D on January 1, 2021? a. 540,000 b. 480,000 c. 420,000 d. 300,000

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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