15. The partnership of Gamma, Ginger, and Gert had total capital of $1,140,000 on December 31,...
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15. The partnership of Gamma, Ginger, and Gert had total capital of $1,140,000 on December 31, 2017, as follows: Gamma, Capital (30%) $360,000 Ginger, Capital (45%) 510,000 Gert, Capital (25%) 270,000 Total $1.140.000 Profit and loss sharing percentages are'shown in parentheses. Assume that Grizelda became a partner by investing $300,000 in the Gamma, Ginger, and Gert partnership for a 25 percent interest in capital and profits and that partnership net assets are not revalued. Grizelda's capital credit should be: A. S360,000. B. S285,000. C. S300,000. D. S380,000. 15. The partnership of Gamma, Ginger, and Gert had total capital of $1,140,000 on December 31, 2017, as follows: Gamma, Capital (30%) $360,000 Ginger, Capital (45%) 510,000 Gert, Capital (25%) 270,000 Total $1.140.000 Profit and loss sharing percentages are'shown in parentheses. Assume that Grizelda became a partner by investing $300,000 in the Gamma, Ginger, and Gert partnership for a 25 percent interest in capital and profits and that partnership net assets are not revalued. Grizelda's capital credit should be: A. S360,000. B. S285,000. C. S300,000. D. S380,000.
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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