18. Partners AA, BB and CC divide profits and losses 5:3:2, respectively, and their capital balances on September 30, 2021 is as follows: AA, capital. BB, capital. CC, capital. P148,000 P260,000 P192,000 The assets and liabilities are recorded at approximate current fair values. DD is to be admitted as a new partner with a 20% interest in capital and earnings in exchange for a cash investment. How much cash should DD contribute? a. P120,000 O b. P144,000 c. P150,000 d. P160,000

18. Partners AA, BB and CC divide profits and losses 5:3:2, respectively, and their capital balances on September 30, 2021 is as follows: AA, capital. BB, capital. CC, capital. P148,000 P260,000 P192,000 The assets and liabilities are recorded at approximate current fair values. DD is to be admitted as a new partner with a 20% interest in capital and earnings in exchange for a cash investment. How much cash should DD contribute? a. P120,000 O b. P144,000 c. P150,000 d. P160,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...

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