Ed, Famio and Gomez are partners with the following capital and profit and loss ratio: P/L Ratio Capital Balance P40,000 30,000 50,000 Ed 40% Famio 30 Gomez 30 Record the admission of Herman who contributes P40,000 for: a. % interest in the partnership. b. 30% interest in the total capitalization of P160,000. c. P30,000 interest in the total capitalization of P160,000

Ed, Famio and Gomez are partners with the following capital and profit and loss ratio: P/L Ratio Capital Balance P40,000 30,000 50,000 Ed 40% Famio 30 Gomez 30 Record the admission of Herman who contributes P40,000 for: a. % interest in the partnership. b. 30% interest in the total capitalization of P160,000. c. P30,000 interest in the total capitalization of P160,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 12MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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