Question: The capital account balances for Donald & Hanes LLP on January 1, 2011, were as follows: Donald, Capital 200,000 Hanes, Capital 100,000 Donald and Hanes

The capital account balances for Donald & Hanes LLP on January 1, 2011, were as follows:

Donald, Capital 200,000
Hanes, Capital 100,000

Donald and Hanes shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit May to the partnership with a 35% interest in partnership capital and net income. May invested $100,000 cash, and no goodwill was recognized.

What is the new total balance of the partnership accounts?

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