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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
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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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?

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