Capital balances and profit and loss sharing ratios of the partners in the Small Entertainment Gallery are as follows: Bea, capital Bien, capital Vern, capital Total P280,000 320,000 200,000 P800,000 Bea needs money and agrees to assign half of her interest in the partnership to Thea for P180,000 cash. Thea pays directly to Bea. Thea does not become a partner. What is the total capital of Small Partnership immediately after the assignment of the interest to Thea?

Capital balances and profit and loss sharing ratios of the partners in the Small Entertainment Gallery are as follows: Bea, capital Bien, capital Vern, capital Total P280,000 320,000 200,000 P800,000 Bea needs money and agrees to assign half of her interest in the partnership to Thea for P180,000 cash. Thea pays directly to Bea. Thea does not become a partner. What is the total capital of Small Partnership immediately after the assignment of the interest to Thea?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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