Boris and Richard are partners who share profits and losses in the ratio of 6 4 On May 1, 20X9, their respective capital accounts were as follows On that date, Lisa was admitted as a partner with a one third interest in capital and profits for an investment of $40,000 The new partnership began with...

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Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May

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Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May 1, 20X9, their respective capital accounts were as follows:

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On that date, Lisa was admitted as a partner with a one-third interest in capital and profits for an investment of $40,000. The new partnership began with a total capital of $150,000. Immediately after Lisa’s admission, Boris’s capital should be

a. $50,000.

b. $54,000.

c. $56,667.

d. $60,000.

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Advanced Financial Accounting

ISBN: 9781260165111

12th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

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Question Posted: Mar 14, 2024 12:00 AM

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Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May

Question:

Boris $60,000 Richard 50,000

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Advanced Financial Accounting

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