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topic is about Partnership Dissolution. see the picture attached for the problem The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute? After the admission of Lewis with 25% interest, what is the percentage

topic is about Partnership Dissolution. see the picture attached for the problem The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute? After the admission of Lewis with 25% interest, what is the percentage

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 6MC: Juan contributes marketable securities to a partnership. The book value of the securities is $7,000...
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Our topic is about Partnership Dissolution.

see the picture attached for the problem

  • The partners decided to admit Lewis as a new partner with 25% interest. No bonus to be recorded. How much cash must Lewis contribute?
  • After the admission of Lewis with 25% interest, what is the percentage share of Lewis, Leroy, and Lester in the profits and losses?
The following is the condensed statement of financial position of the partnership of Leroy, Leslie and Lester who share profits and losses in the ratio of 5:4:3. Cash P 300,000 Accounts Payable 1,100,000 Payable - Partner Leslie 100,000 Leroy, Capital Leslie, Capital Lester, Capital P 200,000 Other Assets 100,000 Receivable - Partner Lester 500,000 400,000 300,000 Total Liabilities and Capital P1,500,000 Total Assets P1,500.000
Transcribed Image Text:The following is the condensed statement of financial position of the partnership of Leroy, Leslie and Lester who share profits and losses in the ratio of 5:4:3. Cash P 300,000 Accounts Payable 1,100,000 Payable - Partner Leslie 100,000 Leroy, Capital Leslie, Capital Lester, Capital P 200,000 Other Assets 100,000 Receivable - Partner Lester 500,000 400,000 300,000 Total Liabilities and Capital P1,500,000 Total Assets P1,500.000
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