Question
On December 31, 2022, the trial balance of Apostles Partnership included the following information: Cash 1,000,000 Total Liabilities 600,000 Non-current Assets 2,000,000 Peter, Capital 900,000
On December 31, 2022, the trial balance of Apostles Partnership included the following information:
Cash 1,000,000 Total Liabilities 600,000
Non-current Assets 2,000,000 Peter, Capital 900,000
James, Capital 800,000
John, Capital 700,000
Total 3,000,000 Total 3,000,000
The profit and loss ratio of the partners are 1:6:3.
On January 1, 2023, Andrew is admitted to the partnership by purchasing 33% of the capital interest of James at a price of 738,000.
What is the capital balance of James after the admission of Andrew on January 1, 2023?
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Auditing Information And Cyber Security Governance
Authors: Robert E Davis
1st Edition
1000416089, 9781000416084
