PR. 3 Problem Solving 3Adam, Eve and Abel are partners in Suave Swimsuits. Profits and losses are shared in the ratio of 5:3:2. OnJuly 1, 2022, when their capital balances stood at P50,000, P25,000 and P30,000 respectively, they agreeto 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? *

Suave Swimsuits have 3 partners Adam ,Eve and Abil who share their profits and losses in the ratio…

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2PA: Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances...

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