On January 1, 2012 partners Aiko and Mina have capital balances of P500,000 and P280,000, respectively. They share profit and losses equally. On this date, they decided to admit Ruffa for a 40% interest in capital and profits. Ruffa paid P450,000 directly to Aiko and Mina. How much should be the new capital balances of Aiko and Mina, respectively

On January 1, 2012 partners Aiko and Mina have capital balances of P500,000 and P280,000, respectively. They share profit and losses equally. On this date, they decided to admit Ruffa for a 40% interest in capital and profits. Ruffa paid P450,000 directly to Aiko and Mina. How much should be the new capital balances of Aiko and Mina, respectively

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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