The following were the capital balances of Partners' A, B, and C before admitting incoming partner...
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The following were the capital balances of Partners' A, B, and C before admitting incoming partner D: P200,000; P150,000; P300,000 respectively. There was also an undistributed net loss in the amount of P120,000. Profit and loss agreement was 25:25:50 respectively. Assume the following INDEPENDENT cases: a. Incoming partner D purchased 25% capital interest from the partnership by paying P120,000. What is the capital balance of Partner C after admitting incoming Partner D? (10 points) The following were the capital balances of Partners' A, B, and C before admitting incoming partner D: P200,000; P150,000; P300,000 respectively. There was also an undistributed net loss in the amount of P120,000. Profit and loss agreement was 25:25:50 respectively. Assume the following INDEPENDENT cases: a. Incoming partner D purchased 25% capital interest from the partnership by paying P120,000. What is the capital balance of Partner C after admitting incoming Partner D? (10 points)
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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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