e capital account balances for April & May LLP on January 1, 2020, were as follows: April, capital P200.000 May, capital P100,000 April and May shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit July to the partnership with a 35% interest in partnership capital and net income. July invested P100,000 cash and no goodwill was recognized. What is the balance of Apri's capital account after the new partnership is created?
e capital account balances for April & May LLP on January 1, 2020, were as follows: April, capital P200.000 May, capital P100,000 April and May shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit July to the partnership with a 35% interest in partnership capital and net income. July invested P100,000 cash and no goodwill was recognized. What is the balance of Apri's capital account after the new partnership is created?
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 43P
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The capital account balances for April & May LLP on January 1, 2020, were as follows: April, capital P200.000 May, capital P100,000 April and May shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit July to the
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