On December 31, 2020, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current AssetsNoncurrent Assetsa.b.: 1,300,0002,000,000960,000900,000Total LiabilitiesA, CapitalB, CapitalC, CapitalOn January 1, 2021, D is admitted to the partnership by investing P1,000,000 to the partnership for20% capital interest.C. 840,000d. 1,200,000300,0001,400,000If the all the assets of the existing partnership are properly valued, what is the capital balanceof C after the admission of D?700,000900,000

Given: A, Capital 1,400,000B, Capital 700,000C, Capital 900,000 Profit or loss ratio of 1:6:3: D is…

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 : 1,300,000 2,000,000 Total Liabilities A, Capital B, Capital C, Capital a. 960,000 b. 900,000 C. 840,000 d. 1,200,000 300,000 1,400,000 700,000 900,000 On January 1, 2021, D is admitted to the partnership by investing P1,000,000 to the partnership for 20% capital interest. If the all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D?

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 : 1,300,000 2,000,000 Total Liabilities A, Capital B, Capital C, Capital a. 960,000 b. 900,000 C. 840,000 d. 1,200,000 300,000 1,400,000 700,000 900,000 On January 1, 2021, D is admitted to the partnership by investing P1,000,000 to the partnership for 20% capital interest. If the all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D?

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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