The Threesome Partnership shows the following profit and loss ratios and capital balances: Jerry 60% P 252,000 Jerome 30% 126,000 Jessie 10% 42,000 The partners decided to sell Joshua 20% of their respective capital and profit and loss interests for a total payment of P90,000. Joshua will pay the money directly to the other partners. What are the capital balances of the partners after Joshua’s admission to the partnership?

The Threesome Partnership shows the following profit and loss ratios and capital balances: Jerry 60% P 252,000 Jerome 30% 126,000 Jessie 10% 42,000 The partners decided to sell Joshua 20% of their respective capital and profit and loss interests for a total payment of P90,000. Joshua will pay the money directly to the other partners. What are the capital balances of the partners after Joshua’s admission to the partnership?

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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