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The capital accounts of the partnership of G, M, and A on June 1, 2025 are presented below with their respective profit and loss ratios:
The capital accounts of the partnership of G, M, and A on June 1, 2025 are presented below with their respective profit and loss ratios: G M A 139,200 1/2 208,800 1/3 96,000 1/6 On June 1, 2025, Seven is admitted to the partnership when he purchased, for P132,000, a proportionate interest from G and A in the net assets and profits of the partnership. As a result, Seven acquired a 1/5 interest in the net assets and profits of the firm. Required: What is the gain to be recorded by the partnership after the admission of Seven
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