Question
The capital accounts of the partnership of Rody and Tulfo at October 31, 2015 are as follows: Rody 320,000 Tulfo 160,000 The partners share profits
The capital accounts of the partnership of Rody and Tulfo at October 31, 2015 are as follows:
Rody 320,000
Tulfo 160,000
The partners share profits and losses in the ratio of 3:2, respectively. The partnership is in desperate need of cash, and the partners agree to admit Camba as a partner with a 1/3 interest in the capital and profits and losses upon his investment of 120,000. Immediately after Camba's admission, what should be the capital balances of Rody, Tulfo and Camba, respectively:
272,000; 128,000; 200,000
240,000; 240,000; 240,000
266,667; 128,000; 200,000
200,000; 200,000; 200,000
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