Accounting for Partnerships

A$.$ Adding a Partner

At February $15,2023$ the capital balances in the DDD partnership were as follows.

Profit$/$Loss sharing ratio between existing partners is $5$:$4$:$3.$ The next day, on February $16,2023,$ S$.$ Dharma is admitted to the partnership for $10\%$ share capital by investment of $$40,000.$

Required: Answer the following questions.

$1.$ Is there a profit$/$loss to old partners? Calculate.

$2.$ What was the profit$/$loss allocated to each of the old partners?

$3.$ Show the capital balances of each partner after Dharma$$s admission.