On December 31,2020, the Statement of Financial Position of BEA Partnership shows the following data together with the profit or loss sharing ratio: Cash Other assets 1,500,000 P1,000,000 500,000 300,000 200,000 P500,000 Total liabilities Brazil, Capital (10%) Europe, Capital (30%) Argentina, Capital (60%) On January 1, 2021, Russia will be admitted to the new partnership named BEAR Partnership by investing P400,000 for a 30% capital interest in the new partnership which has total agreed capitalization of P2,000,000. 5. What is the new capital balance of Argentina upon admission of Russia in the BEAR Partnership? C. 560,000 D 840 000 A 320,000 R 440 000

On December 31,2020, the Statement of Financial Position of BEA Partnership shows the following data together with the profit or loss sharing ratio: Cash Other assets 1,500,000 P1,000,000 500,000 300,000 200,000 P500,000 Total liabilities Brazil, Capital (10%) Europe, Capital (30%) Argentina, Capital (60%) On January 1, 2021, Russia will be admitted to the new partnership named BEAR Partnership by investing P400,000 for a 30% capital interest in the new partnership which has total agreed capitalization of P2,000,000. 5. What is the new capital balance of Argentina upon admission of Russia in the BEAR Partnership? C. 560,000 D 840 000 A 320,000 R 440 000

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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