Barrot and Bañaga are partners with capital balances of P400,000 and P260,000 respectively. They share profit and losses of 60% for Barrot and 40% for Bañaga. Bartolay was admitted in the partnership by investing sufficient amount for a 14 interest which includes P18,000 bonus given by the old partners upon admission. At the date of admission, the assets of the partnership are fairly valued. What is the amount of investment made by Bartolay? 196,000

Barrot and Bañaga are partners with capital balances of P400,000 and P260,000 respectively. They share profit and losses of 60% for Barrot and 40% for Bañaga. Bartolay was admitted in the partnership by investing sufficient amount for a 14 interest which includes P18,000 bonus given by the old partners upon admission. At the date of admission, the assets of the partnership are fairly valued. What is the amount of investment made by Bartolay? 196,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 51P

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