Question
Jean has a capital balance of P480,000 in a local partnership and Storm has a balance of P360,000. These two partners share profit and
Jean has a capital balance of P480,000 in a local partnership and Storm has a balance of P360,000. These two partners share profit and losses by a ratio of 60:40. Rogue invests P240,000 in cash in the partnership for a 20% ownership. The revaluation method was used. What is the Storm's capital balance after admission? 448,000 504,000 398,400 408,000
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
