topic is about Partnership Dissolution. see the picture attached for the problem The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute? After the admission of Lewis with 25% interest, what is the percentage
topic is about Partnership Dissolution. see the picture attached for the problem The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute? After the admission of Lewis with 25% interest, what is the percentage
topic is about Partnership Dissolution. see the picture attached for the problem The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute? After the admission of Lewis with 25% interest, what is the percentage
The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute?
After the admission of Lewis with 25% interest, what is the percentage share of Lewis, Leroy, and Lester in the profits and losses?
Transcribed Image Text:The following is the condensed statement of financial position of the partnership of
Leroy, Leslie and Lester who share profits and losses in the ratio of 5:4:3.
Cash
P 300,000 Accounts Payable
1,100,000 Payable - Partner Leslie
100,000 Leroy, Capital
Leslie, Capital
Lester, Capital
P 200,000
Other Assets
100,000
Receivable - Partner Lester
500,000
400,000
300,000
Total Liabilities and Capital P1,500,000
Total Assets
P1,500.000
Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.
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