ry and Rose are partners in a retail business and divide profits at 60% and 40%, respectively. The capital balances at December 31, 2020 are as follows: Mary, Capital-P180,000 and Rose, Capital P180,000. The partners agree to admit Dina into the partnership. Dina purchases a one-third interest in the partnership by paying May and Rose P150,000. The assets are to be revalued prior to the admission of Dina. If assets are not to be revalued, how much cash should be personally received by Mary

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
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Mary and Rose are partners in a retail business and divide profits at 60% and 40%, respectively. The capital balances at December 31, 2020 are as follows: Mary, Capital-P180,000 and Rose, Capital P180,000. The partners agree to admit Dina into the partnership. Dina purchases a one-third interest in the partnership by paying May and Rose P150,000. The assets are to be revalued prior to the admission of Dina. If assets are not to be revalued, how much cash should be personally received by Mary
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