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ve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 022, when their capital balances stood at P50,000, P25,000 and P30,000 respectively, the E Cain to the partnership. the questions that follow assuming, Cain invests P20,000 cash in the partnership for a 10 The new partnership will have a total capital of P200,000.

ve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 022, when their capital balances stood at P50,000, P25,000 and P30,000 respectively, the E Cain to the partnership. the questions that follow assuming, Cain invests P20,000 cash in the partnership for a 10 The new partnership will have a total capital of P200,000.

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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PR. 3

Problem Solving 3 Adam, Eve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 5:3:2. On July 1, 2022, when their capital balances stood at P50,000, P25,000 and P30,000 respectively, they agree to admit Cain to the partnership. Answer the questions that follow assuming, Cain invests P20,000 cash in the partnership for a 10% interest. The new partnership will have a total capital of P200,000. What is the capital balance of Abel after formation of the partnership? What is the capital balance of Adam after formation of the partnership? * What is the capital balance of Cain after formation of the partnership? * What is the capital balance of Eve after formation of the partnership? *
Transcribed Image Text:Problem Solving 3 Adam, Eve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 5:3:2. On July 1, 2022, when their capital balances stood at P50,000, P25,000 and P30,000 respectively, they agree to admit Cain to the partnership. Answer the questions that follow assuming, Cain invests P20,000 cash in the partnership for a 10% interest. The new partnership will have a total capital of P200,000. What is the capital balance of Abel after formation of the partnership? What is the capital balance of Adam after formation of the partnership? * What is the capital balance of Cain after formation of the partnership? * What is the capital balance of Eve after formation of the partnership? *
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