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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chow and King are partners who share profits and losses in a ratio of 4:3, respectively. They have the following capital balances on October 31, 2021: •.. King, Capital P 550,000 Chow, Capital P300,000 The partners agreed to admit Arthur to the Partnership. Arthur Invested P400,000 for 25% of his interest in the partnership. What is the capital balance of Partner Arthur after admission? A) 550,000 B 350,000 C c) 400,000 D 312,500
Transcribed Image Text:Chow and King are partners who share profits and losses in a ratio of 4:3, respectively. They have the following capital balances on October 31, 2021: •.. King, Capital P 550,000 Chow, Capital P300,000 The partners agreed to admit Arthur to the Partnership. Arthur Invested P400,000 for 25% of his interest in the partnership. What is the capital balance of Partner Arthur after admission? A) 550,000 B 350,000 C c) 400,000 D 312,500
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