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Please show the solution with in-depth explanation. Step by Step! On December 31, 2019, Lilo, Stitch, and Tom were partners with capital account balances of
Please show the solution with in-depth explanation. Step by Step!
On December 31, 2019, Lilo, Stitch, and Tom were partners with capital account balances of 95,000, 80,000, and 60,000, respectively, and shared profits and losses in the ratio 5:3:2, respectively. The partners decided to admit Jerry as a new partner by contributing cash of
80,000 to the partnership and by paying 10,000 for 15% of Stitchs share. Jerry would have a 20% share in the profit and loss ratio. After the admission, the partnership would have a total capital balance of 330,000 and Jerrys, Capital account balance of 70,000. If such was
the case, the capital balance of Stitch immediately after the admission of Jerry should be____.
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