Gideon and Joshua ae partners with capital account balances of P260,000 and P240,000, respectively, and share profits and losses in the ratio of 6:4. The partners decided to admit Levi as a new partner with a 20% equity interest for an investment of P150,000 in the partnership. Prior to admission, Gideon and Joshua would revalue the partnership's assets. If the net increase in the partnership assets was P185,000, what would be the balance of Gideon's capital account after revaluation but before admission of Levi?
Gideon and Joshua ae partners with capital account balances of P260,000 and P240,000, respectively, and share profits and losses in the ratio of 6:4. The partners decided to admit Levi as a new partner with a 20% equity interest for an investment of P150,000 in the partnership. Prior to admission, Gideon and Joshua would revalue the partnership's assets. If the net increase in the partnership assets was P185,000, what would be the balance of Gideon's capital account after revaluation but before admission of Levi?
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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Transcribed Image Text:Gideon and Joshua ae partners with capital account balances of P260,000 and P240,000, respectively, and share profits and losses in the ratio of 6:4.
The partners decided to admit Levi as a new partner with a 20% equity interest for an investment of P150,000 in the partnership. Prior to admission,
Gideon and Joshua would revalue the partnership's assets. If the net increase in the partnership assets was P185,000, what would be the balance of
Gideon's capital account after revaluation but before admission of Levi?
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