The Threesome Partnership shows the following profit and loss ratios and capital balances: Jerry 60% P 252,000 Jerome 30% 126,000 Jessie 10% 42,000 The partners decided to sell Joshua 20% of their respective capital and profit and loss interests for a total payment of P90,000. Joshua will pay the money directly to the other partners. What are the capital balances of the partners after Joshua’s admission to the partnership?

The Threesome Partnership shows the following profit and loss ratios and capital balances: Jerry 60% P 252,000 Jerome 30% 126,000 Jessie 10% 42,000 The partners decided to sell Joshua 20% of their respective capital and profit and loss interests for a total payment of P90,000. Joshua will pay the money directly to the other partners. What are the capital balances of the partners after Joshua’s admission to the partnership?

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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