On June 30, 2021, the statement of financial position of Meycauyan Marketing, a partnership, is summarized as follows: Assets P600,000 Orosco, Capital De Guzman, Capital 360,000 240,000 Orozco and De Guzman share profit and losses at a 6:4 ratio, respectively. They agreed to take in Gener Castillo as a new partner, who purchased 1/8 interest of Orosco and De Guzman for P100,000. What is the amount of Gener Castillo's capital to be taken up in the partnership books?

On June 30, 2021, the statement of financial position of Meycauyan Marketing, a partnership, is summarized as follows: Assets P600,000 Orosco, Capital De Guzman, Capital 360,000 240,000 Orozco and De Guzman share profit and losses at a 6:4 ratio, respectively. They agreed to take in Gener Castillo as a new partner, who purchased 1/8 interest of Orosco and De Guzman for P100,000. What is the amount of Gener Castillo's capital to be taken up in the partnership books?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 4BCRQ

See similar textbooks