Peter and James are partners in Apostles Partnership. They share profits and losses in the ratio...
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Peter and James are partners in Apostles Partnership. They share profits and losses in the ratio of 2:3. The following are the account balances of the partnership: Cash P 350,000 55,000 250,000 400,000 P1,055,000 Accounts Receivable Inventory Equipment-net TOTAL Accounts Payable Notes Payable Peter, Capital James, Capital TOTAL P 30,000 25,000 600,000 400,000 P1,055,000 John is to be admitted for 27% interest in the partnership by investing cash of P242,000. The total agreed capital is P1,394,000 and any revaluation is attributable to the Equipment. What is the new P&L ratio of Peter after the admission of John? Peter and James are partners in Apostles Partnership. They share profits and losses in the ratio of 2:3. The following are the account balances of the partnership: Cash P 350,000 55,000 250,000 400,000 P1,055,000 Accounts Receivable Inventory Equipment-net TOTAL Accounts Payable Notes Payable Peter, Capital James, Capital TOTAL P 30,000 25,000 600,000 400,000 P1,055,000 John is to be admitted for 27% interest in the partnership by investing cash of P242,000. The total agreed capital is P1,394,000 and any revaluation is attributable to the Equipment. What is the new P&L ratio of Peter after the admission of John?
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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