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The following were the capital balances of Partners' A, B, and C before admitting incoming partner D: P200,000; P150,000; P300,000 respectively. There was also
The following were the capital balances of Partners' A, B, and C before admitting incoming partner D: P200,000; P150,000; P300,000 respectively. There was also an undistributed net loss in the amount of P120,000. Profit and loss agreement was 25:25:50 respectively. Assume the following INDEPENDENT cases: a. Incoming partner D purchased 25% capital interest from the partnership by paying P120,000. What is the capital balance of Partner C after admitting incoming Partner D? (10 points)
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
