Answered: Andi would have a capital balance of

Business

Accounting

Andi would have a capital balance of

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1EB: The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits...

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Question

Andi, Berri and Cori are partners sharing profit and loss in the ratio 3:5.2. Capital balances before the admission of Dani were P80,000, P100,000 and P120,000 respectively. Assuming Dani is to invest P300,000 in the new partners' capitalization of P600,000, but would be credited for P290,000, after the admission, Andi would have a capital balance of

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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