Mike and Tess are partners with capital balances of P70,000 and P50,000, respectively. They share profits...
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Mike and Tess are partners with capital balances of P70,000 and P50,000, respectively. They share profits and losses in the ratio of 3:1, respectively. Victor is to be admitted in the partnership for a cash contribution of P60,000 for a 1/2 interest in partnership capital and in the future profits and losses. 1. If Victor would be given a capital credit of P90,000, Mike's capital would be charged by Mike and Tess are partners with capital balances of P70,000 and P50,000, respectively. They share profits and losses in the ratio of 3:1, respectively. Victor is to be admitted in the partnership for a cash contribution of P60,000 for a 1/2 interest in partnership capital and in the future profits and losses. 1. If Victor would be given a capital credit of P90,000, Mike's capital would be charged by
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Bonus to new partner Victor to be shared by the old partners as under Capital credit given to Victo... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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