Question
Partners Andy, Boy and Ken sharing profit and loss based on 4:3:2 ratio have the following condensed balance sheet: Total Assets P1,880,000 Liabilities P480,000 Andy,
Partners Andy, Boy and Ken sharing profit and loss based on 4:3:2 ratio have the following condensed balance sheet:
Total Assets P1,880,000
Liabilities P480,000
Andy, Capital 620,000
Boy, Capital 400,000
Ken, Capital 380,000
Total Liabilities and Capital P1,880,000
Dondon will be admitted as a new partner for 20% interest after he pays the three partners with a minimum of 10%.Thus, the old partners will have to transfer to Dondon 20% of their interest amounting to?
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
