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