Lima and Mitra are partners with a profit and loss ratio of 75:25 and capital balances of P100,000 and P50,000 respectively. Nova is to be admitted into the partnership by purchasing a 20% interest in the capital, profits and losses for P60,000.
Lima and Mitra are partners with a profit and loss ratio of 75:25 and capital balances of P100,000 and P50,000 respectively. Nova is to be admitted into the partnership by purchasing a 20% interest in the capital, profits and losses for P60,000.
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 59P
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Question
Lima and Mitra are partners with a
Assuming that no asset revaluation is to be made, the capital balances of Lima, and Mitra after the admission of Nova are
Lima, P112,000 and Mitra, P38,000
Lima, P100,000 and Mitra, P50,000
Lima, P120,000 and Mitra, P60,000
Lima, P80,000 and Mitra, P40,000.
Assuming that asset revaluation is to be made, the capital balances of Lima, Mitra and Nova are
P170,000; P70,000; P60,000
P192,500; P77,500; P30,000
P100,000; P50,000; P60,000
P800,000; P40,000; P30,000
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