TM and SJ, having capital balances of P980,000 and P525,000 respectively, decided to admit GD into their partnership. GD is to invest sufficient amount in order to have a 25% interest in the partnership. If TM and SJ share profit in a proportion of 3:1, respectively, and SJ’s capital balance after GD’s investment is P589,750, Group of answer choices 848,750 847,000 1,174,250 588,000

TM and SJ, having capital balances of P980,000 and P525,000 respectively, decided to admit GD into their partnership. GD is to invest sufficient amount in order to have a 25% interest in the partnership. If TM and SJ share profit in a proportion of 3:1, respectively, and SJ’s capital balance after GD’s investment is P589,750, Group of answer choices 848,750 847,000 1,174,250 588,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 12MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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