Mia and Ruth are partners with capital balances of P 60,000 and P 20,000, respectively. Profits and losses are divided in the ratio of 6:4. Mia and Ruth decided to form a new partnership with Jericho, who invested land valued at P 15,000 for a 20% capital interest in the new partnership. Jericho's cost of the land was P 12,000. What is the capital balance of Mia after the admission of Ruth?
Mia and Ruth are partners with capital balances of P 60,000 and P 20,000, respectively. Profits and losses are divided in the ratio of 6:4. Mia and Ruth decided to form a new partnership with Jericho, who invested land valued at P 15,000 for a 20% capital interest in the new partnership. Jericho's cost of the land was P 12,000. What is the capital balance of Mia after the admission of Ruth?
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 39P
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Mia and Ruth are partners with capital balances of P 60,000 and P 20,000, respectively.
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