TM and SJ, having capital balances of P980,000 and P525,000 respectively, decided to admit GD into their partnership. GD is to invest sufficient amount in order to have a 25% interest in the partnership. If TM and SJ share profit in a proportion of 3:1, respectively, and SJ’s capital balance after GD’s investment is P589,750, Group of answer choices 848,750 847,000 1,174,250 588,000

TM and SJ, having capital balances of P980,000 and P525,000 respectively, decided to admit GD into their partnership. GD is to invest sufficient amount in order to have a 25% interest in the partnership. If TM and SJ share profit in a proportion of 3:1, respectively, and SJ’s capital balance after GD’s investment is P589,750, Group of answer choices 848,750 847,000 1,174,250 588,000

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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