Calvin and Klein are partners sharing profits 60% and 40%. On January 1, they decided to admit Versace as a new partner upon his investment of P 8,000. On this date, their interest in the partnership are as follows: Calvin-P 11,500; Klein-P 9,300. assuming that the new partner is given a one-third interest in the firm, with bonus allowed to the new partner, how much is the new capital balance of Calvin?
Calvin and Klein are partners sharing profits 60% and 40%. On January 1, they decided to admit Versace as a new partner upon his investment of P 8,000. On this date, their interest in the partnership are as follows: Calvin-P 11,500; Klein-P 9,300. assuming that the new partner is given a one-third interest in the firm, with bonus allowed to the new partner, how much is the new capital balance of Calvin?
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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Calvin and Klein are partners sharing profits 60% and 40%. On January 1, they decided to admit Versace as a new partner upon his investment of P 8,000. On this date, their interest in the partnership are as follows: Calvin-P 11,500; Klein-P 9,300. assuming that the new partner is given a one-third interest in the firm, with bonus allowed to the new partner, how much is the new capital balance of Calvin?
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