Irish and Irvin are partners with capital of P240,000 and P120,000 respectively. They share profits in the ratio of 3:1. The partners agree to admit Iram. Iram invests P150,000 for a 1/4 interest in the firm. Total firm capital is to be P510,000. How much is Iram's adjusted capital? 150,000 127,500 125,625 256,875

Irish and Irvin are partners with capital of P240,000 and P120,000 respectively. They share profits in the ratio of 3:1. The partners agree to admit Iram. Iram invests P150,000 for a 1/4 interest in the firm. Total firm capital is to be P510,000. How much is Iram's adjusted capital? 150,000 127,500 125,625 256,875

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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