Question
Tito, Vic, and Joey opened an accounting firm on January 2, 2023, in Quezon City. The business was registered as a partnership for which Tito
Tito, Vic, and Joey opened an accounting firm on January 2, 2023, in Quezon City. The business was registered as a partnership for which Tito serves as the managing partner. After its third year of operations, the partners decided to admit Allan as a new partner. The capital balances of the partners before the admission of Allan were: Tito, P255,000; Vic, P199,000; and Joey, P116,000; while profits and losses were shared by them in the ratio of 50:30:20, respectively.
How much should Allan invest in order to have a 20% interest in the partnership?
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