Partners Arias, Bobadilla and Briones share profits and losses 50:30:20, respectively. The statement of financial position at April 30, 2019 follows: Cash P 40,000 Accounts Payable P100,000 Other Assets 360,000 Arias, Capital 74,000 Bobadilla, Capital 130,000 Briones, Capital 96,000 Total 400,000 Total P400,000 The assets and liabilities are recorded and presented at their respective fair values. Banzon is to be admitted as a new partner with a 20% capital interest and a 20% share of profits and losses in exchange for a cash contribution. No goodwill or bonus is to be recorded. How much cash should Banzon contribute?
Partners Arias, Bobadilla and Briones share
Cash P 40,000 Accounts Payable P100,000
Other Assets 360,000 Arias, Capital 74,000
Bobadilla, Capital 130,000
Briones, Capital 96,000
Total 400,000 Total P400,000
The assets and liabilities are recorded and presented at their respective fair values. Banzon is to be admitted as a new partner with a 20% capital interest and a 20% share of profits and losses in exchange for a cash contribution. No
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