The capital balances of partners Ming and Piw are P80,000 and P40,000, respectively. They share in profits and losses in the All rights belongs to respective authors. Piease consider buving the original.copy ratio of 3:2. They have a desperate need for cash and they agree to admit Andre as a new partner with a 1/3 interest in both capital and profits upon the latter's capital infusion of P30,000. No goodwill is to be recognized. After Andre's admission, the respective capital balances of Ming, Piw and Andre are: a. 50,000, 50,000 & 50,000. b. 66,667, 33,333 & 50,000. c. 68,000, 32,000 & 50,000. 'd. 80,000, 40,000 & 30,000.
The capital balances of partners Ming and Piw are P80,000 and P40,000, respectively. They share in profits and losses in the All rights belongs to respective authors. Piease consider buving the original.copy ratio of 3:2. They have a desperate need for cash and they agree to admit Andre as a new partner with a 1/3 interest in both capital and profits upon the latter's capital infusion of P30,000. No goodwill is to be recognized. After Andre's admission, the respective capital balances of Ming, Piw and Andre are: a. 50,000, 50,000 & 50,000. b. 66,667, 33,333 & 50,000. c. 68,000, 32,000 & 50,000. 'd. 80,000, 40,000 & 30,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8. Under Millan book. This is not a part of our exam but is included in the reference book and I want to review its answer.
Transcribed Image Text:8. The capital balances of partners Ming and Piw are P80,000 and
P40,000, respectively. They share in profits and losses in the
All rights belongs to respective authors.
Please consider buving the orininal copy
ratio of 3:2. They have a desperate need for cash and they
agree to admit Andre as a new partner with a 1/3 interest in
both capital and profits upon the latter's capital infusion of
P30,000. No goodwill is to be recognized. After Andre's
admission, the respective capital balances of Ming, Piw and
Andre are:
a. 50,000, 50,000 & 50,000.
b. 66,667, 33,333 & 50,000.
c. 68,000, 32,000 & 50,000.
d. 80,000, 40,000 & 30,000.
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