Sophia purchased 1/2 of Jay's interest and share in profit in the JC Partnership by paying Jay P180,000. Immediately before Sophia's admission, the capital balances of Jay and Chris were P240,000 and P400,000, respectively. Jay and Chris were sharing profits in the ratio of 2:3, respectively. The capital balance of Sophia immediately after her admission is _____. In the new profit and loss ratio, Chris would have _____ (percent) . In the new profit and loss ratio, Jay would have _____ (percent) .
Sophia purchased 1/2 of Jay's interest and share in profit in the JC Partnership by paying Jay P180,000. Immediately before Sophia's admission, the capital balances of Jay and Chris were P240,000 and P400,000, respectively. Jay and Chris were sharing profits in the ratio of 2:3, respectively. The capital balance of Sophia immediately after her admission is _____. In the new profit and loss ratio, Chris would have _____ (percent) . In the new profit and loss ratio, Jay would have _____ (percent) .
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sophia purchased 1/2 of Jay's interest and share in profit in the JC Partnership by paying Jay P180,000. Immediately before Sophia's admission, the capital balances of Jay and Chris were P240,000 and P400,000, respectively. Jay and Chris were sharing profits in the ratio of 2:3, respectively.
- The capital balance of Sophia immediately after her admission is _____.
- In the new
profit and loss ratio, Chris would have _____ (percent) . - In the new profit and loss ratio, Jay would have _____ (percent) .
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