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Exercise 4 - 11 Admission by Investment: Computing Old Partners' Agreed Capital Balances with Bonus to Old Partner Clare and Agnes are partners of Assisi General Merchandising with capital balances of P 150,000 and P 125,000 as of January 1, 2020 respectively. They share profits equally. At the end of the year 2020, the company earned a net income of P90,000 when they invited Bernadette to be a partner of the partnership. Bernadette invested P175,000 for a 20% capital credit in the partnership's total agreed capitalization. Clare and Agnes will continue to share in the profits equally. Required: Compute for the amount of Clare's capital after Bernadette's admission as partner in the partnership.

Exercise 4 - 11 Admission by Investment: Computing Old Partners' Agreed Capital Balances with Bonus to Old Partner Clare and Agnes are partners of Assisi General Merchandising with capital balances of P 150,000 and P 125,000 as of January 1, 2020 respectively. They share profits equally. At the end of the year 2020, the company earned a net income of P90,000 when they invited Bernadette to be a partner of the partnership. Bernadette invested P175,000 for a 20% capital credit in the partnership's total agreed capitalization. Clare and Agnes will continue to share in the profits equally. Required: Compute for the amount of Clare's capital after Bernadette's admission as partner in the partnership.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.22E
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Exercise 4 11 Admission by Investment: Computing Old Partners' Agreed Capital Balances with Bonus to Old Partner Clare and Agnes are partners of Assisi General Merchandising with capital balances of P 150,000 and P 125,000 as of January 1, 2020 respectively. They share profits equally. At the end of the year 2020, the company earned a net income of P90,000 when they invited Bernadette to be a partner of the partnership. Bernadette invested P175,000 for a 20% capital credit in the partnership's total agreed capitalization. Clare and Agnes will continue to share in the profits equally. Required: Compute for the amount of Clare's capital after Bernadette's admission as partner in the partnership.
Transcribed Image Text:Exercise 4 11 Admission by Investment: Computing Old Partners' Agreed Capital Balances with Bonus to Old Partner Clare and Agnes are partners of Assisi General Merchandising with capital balances of P 150,000 and P 125,000 as of January 1, 2020 respectively. They share profits equally. At the end of the year 2020, the company earned a net income of P90,000 when they invited Bernadette to be a partner of the partnership. Bernadette invested P175,000 for a 20% capital credit in the partnership's total agreed capitalization. Clare and Agnes will continue to share in the profits equally. Required: Compute for the amount of Clare's capital after Bernadette's admission as partner in the partnership.
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