May and Jun are partners who have capital balances of P1,100,000 and P900,000 and share profits 65:35 respectively. They agreed to admit Julie as a partner upon her contribution of P530,000. One-fifth of the capital balances of the old partners were transferred to the new partner Julie with May and Jun dividing the cash between themselves. How much is the total amount of cash received by Jun from Julie upon her admission as partner in the partnership?
May and Jun are partners who have capital balances of P1,100,000 and P900,000 and share profits 65:35 respectively. They agreed to admit Julie as a partner upon her contribution of P530,000. One-fifth of the capital balances of the old partners were transferred to the new partner Julie with May and Jun dividing the cash between themselves. How much is the total amount of cash received by Jun from Julie upon her admission as partner in the partnership?
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 4CE
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May and Jun are partners who have capital balances of P1,100,000 and P900,000 and share profits 65:35 respectively. They agreed to admit Julie as a partner upon her contribution of P530,000. One-fifth of the capital balances of the old partners were transferred to the new partner Julie with May and Jun dividing the cash between themselves.
How much is the total amount of cash received by Jun from Julie upon her admission as partner in the partnership?
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