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Don and Dan are partners for DonDan Industries with capital balances of P 300,000 and P 200,000, respectively and shares in the partnership profits and losses in the ratio of 60%- 40%. Dun is admitted in the partnership. Compute the capital balances of the partners after the admission of the new partner into the partnership if Dun invests P100, 000 for a 40% interest in the new partnership capital of P 520,000

Don and Dan are partners for DonDan Industries with capital balances of P 300,000 and P 200,000, respectively and shares in the partnership profits and losses in the ratio of 60%- 40%. Dun is admitted in the partnership. Compute the capital balances of the partners after the admission of the new partner into the partnership if Dun invests P100, 000 for a 40% interest in the new partnership capital of P 520,000

Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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Don and Dan are partners for DonDan Industries with capital balances of P 300,000 and P 200,000, respectively and shares in the partnership profits and losses in the ratio of 60%- 40%. Dun is admitted in the partnership. Compute the capital balances of the partners after the admission of the new partner into the partnership if Dun invests P100, 000 for a 40% interest in the new partnership capital of P 520,000
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