Question
ABC's capital is 280,000 and DEF's is 80,000 and they share income in a 6:4 ratio, respectively. They decide to admit GHI to the partnership.
ABC's capital is 280,000 and DEF's is 80,000 and they share income in a 6:4 ratio, respectively. They decide to admit GHI to the partnership. ABC and DEF agree that some of thE inventory is obsolete. The inventory account is decreased before GHI is admitted. GHI invests 80,000 for a 25% interest. Compute for the capital balance of DEF after the admittance of GHI.
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International Accounting
Authors: Frederick D. Choi, Gary K. Meek
7th Edition
978-0136111474, 0136111475
