The capital balances and profit and loss ratio of Louie and Jufel, partners of ML partnership,...
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The capital balances and profit and loss ratio of Louie and Jufel, partners of ML partnership, shown below: Partners Capital balances Profit and loss ratio Louie 70% P150,000 50,000 Jufel 30% On this date, they agree to admit Celso as a partner for a 25% interest in capital upon her investment of P80,000. Louie, Jufel and Celso are to share profits in the ratio of 5:3:2. Subsequently, Allan joins the partnership by investing P75,000 for a 20% percent interest in profits and capital. The former continue sharing profits in their original ratio. Assuming the goodwill method is used in recording the admission of new partners, the capital balances of the partners in the new partnership are: Louie Jufel Celso P178,000 P62,000 P80,000 P75,000 P168,000 P56,000 P76,000 P75,000 OP150,000 P50,000 P80,000 P75,000 OP178,000 P62,000 P80,000 P80,000 Allan The capital balances and profit and loss ratio of Louie and Jufel, partners of ML partnership, shown below: Partners Capital balances Profit and loss ratio Louie 70% P150,000 50,000 Jufel 30% On this date, they agree to admit Celso as a partner for a 25% interest in capital upon her investment of P80,000. Louie, Jufel and Celso are to share profits in the ratio of 5:3:2. Subsequently, Allan joins the partnership by investing P75,000 for a 20% percent interest in profits and capital. The former continue sharing profits in their original ratio. Assuming the goodwill method is used in recording the admission of new partners, the capital balances of the partners in the new partnership are: Louie Jufel Celso P178,000 P62,000 P80,000 P75,000 P168,000 P56,000 P76,000 P75,000 OP150,000 P50,000 P80,000 P75,000 OP178,000 P62,000 P80,000 P80,000 Allan
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Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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