On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets P2,000,000 Total Liabilities P1,200,000 Noncurrent Assets 24,000,000 A, Capital 1,800,000 B, Capital 1,600,000 C, Capital 1,400,000 On January 1, 2031, D is admitted to the partnership by purchasing 40% of the capital interest of B at a price of P1,000,000. What is the capital balance of B after the admission of D on January 1, 2031

On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets P2,000,000 Total Liabilities P1,200,000 Noncurrent Assets 24,000,000 A, Capital 1,800,000 B, Capital 1,600,000 C, Capital 1,400,000 On January 1, 2031, D is admitted to the partnership by purchasing 40% of the capital interest of B at a price of P1,000,000. What is the capital balance of B after the admission of D on January 1, 2031

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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