Question
Joshua Jacob and Paul are partners with capital balances of P32,000, 80,000, and P16,000 respectively. The partners share profits and losses in the ratio of
Joshua Jacob and Paul are partners with capital balances of P32,000, 80,000, and P16,000 respectively. The partners share profits and losses in the ratio of 4:3:2. Jeremiah is admitted in the partnership. It was agreed that he invests cash for a 20% interest considering the transfer of capital from him of P30,000 upon admission.
How much is the capital of Joshua after Jeremiah's admission?
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
