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Partners Mcdo and Jobbe have capital balances ofP150,000 and P45,000 and share income in a ratio of 5:2 respectively. Greenwich is to be admitted into the partnership with a 25% interest in the business. What is the capital balance of Greenwich after admission? A) 48,750 B) 89,000 c) 35,000 D) 54,000

Partners Mcdo and Jobbe have capital balances ofP150,000 and P45,000 and share income in a ratio of 5:2 respectively. Greenwich is to be admitted into the partnership with a 25% interest in the business. What is the capital balance of Greenwich after admission? A) 48,750 B) 89,000 c) 35,000 D) 54,000

FINANCIAL ACCOUNTING
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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Partners Mcdo and Jobbe have capital balances ofP150,000 and P45,000 and share income in a ratio of 5:2 respectively. Greenwich is to be admitted into the partnership with a 25% interest in the business. What is the capital balance of Greenwich after admission? A) 48,750 B) 89,000 C) 35,000 D) 54,000
Transcribed Image Text:Partners Mcdo and Jobbe have capital balances ofP150,000 and P45,000 and share income in a ratio of 5:2 respectively. Greenwich is to be admitted into the partnership with a 25% interest in the business. What is the capital balance of Greenwich after admission? A) 48,750 B) 89,000 C) 35,000 D) 54,000
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