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please answer 6,7,8 thankyou! 8 8 Red and White are partners who share profits and losses in the ratio of 73, respectively. On June 30,
please answer 6,7,8 thankyou!
8 8 Red and White are partners who share profits and losses in the ratio of 73, respectively. On June 30, 2021, their capital accounts were as follows: Red P2,800,000; White, P2.400,000. On that day, they agreed to admit Blue as a partner with a one-third interest in the capital and profits upon his investment of P2,000,000. All partnership assets and liabilities are fairly valued. 6. Immediately after Blue's admission, what are the capital balances of Red, White, and Blue, respectively? Daisy wishes to purchase one-fourth interest in the capital and profits in the partnership of Mickey, Minnie, and Donald. The three partners agreed to sell one-fourth of their respective capital and profit and loss interests for a total payment of P1,600,000. The capital accounts and the respective percentage interests in the profits and losses immediately before the sale to Daisy follow: Capital Share in Profits and Lasses Mickey P3,200,000 40% Minnie 1,600,000 30% Donald 800,000 30% Ali assets and liabilities of the partnership are fairly valued. 7. What should be the capital balances of Mickey, Minnie, Donald and Daisy, immediately after Daisy's admission? 8. What is the new profit and loss ratio between Mickey, Minnie, Daisy, and Donald, respectivelyStep by Step Solution
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