May and Jun are partners with profit and loss ratio of 55:45 and capital balances of ₱530,000 and ₱370,000, respectively. On June 9, 2022, Julie was admitted into the partnership by investment for a 40% of the total partnership capitalization. However, before the admission of Julie, the partners agreed that the asset “Equipment” should be revalued from ₱800,000 to ₱500,000. How much cash is to be invested by Julie?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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May and Jun are partners with profit and loss ratio of 55:45 and capital balances of ₱530,000 and ₱370,000, respectively. On June 9, 2022, Julie was admitted into the partnership by investment for a 40% of the total partnership capitalization. However, before the admission of Julie, the partners agreed that the asset “Equipment” should be revalued from ₱800,000 to ₱500,000.

How much cash is to be invested by Julie?

 
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