Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer 7,8 thanks C Daisy wishes to purchase one-fourth interest in the capital and profits in the partnership of Mickey, Minnie, and Donald. The
please answer 7,8 thanks
C 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 losses Mickey P3,200,000 40% Minnie 1,600,000 30% Donala 800,000 30% All 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
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started