Renalie and Ben are partners who share profits and losses in the ratio of 6:4, respectively. On June 1, 20X2, their respective capital accounts were as follows: • Renalie - P60,000 • Ben - P50,000 On the same date, Jeremiah was admitted as a partner with 1/5 interest in capital and profits for an investment of P40,000. What is the capital of Ben after Jeremiah’s admission if the partnership began with a total capital of: a. P150,000 b. P200,000
Renalie and Ben are partners who share profits and losses in the ratio of 6:4, respectively. On June 1, 20X2, their respective capital accounts were as follows: • Renalie - P60,000 • Ben - P50,000 On the same date, Jeremiah was admitted as a partner with 1/5 interest in capital and profits for an investment of P40,000. What is the capital of Ben after Jeremiah’s admission if the partnership began with a total capital of: a. P150,000 b. P200,000
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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2. Renalie and Ben are partners who share
20X2, their respective capital accounts were as follows:
• Renalie - P60,000
• Ben - P50,000
On the same date, Jeremiah was admitted as a partner with 1/5 interest in capital and profits for an
investment of P40,000.
What is the capital of Ben after Jeremiah’s admission if the partnership began with a total capital of:
a. P150,000
b. P200,000
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