Celso, Lino and Noel are partners with capital balances of P180,000, P100,000 and P120,000 respectively. Joel is admitted into the partnership with a one-fourth interest upon payment of P160,000. If the old partners share profits and losses in the ration of 2/5,2/5 and 1/5, then the capital account of Celso after the admission of Joel will show a balance of:

a.) P180,000

b.) P160,000

c.) P172,000

d.) P188,000

Answer rating: 100% (QA)

Step 11 The profit Sharing Ratio of old partners Celso 25 Lino 25 Noel 15 Joel admitted as a partner ... View the full answer