VINCENT and VAN are partners with capital account balances of P120,000 and P180,000, respectively They divide the profits based on their capital balances. The partnership agreed to admit GO as a partner with a 1/3 interest in capital and profits, after an agreed revaluation of the partnership's assets, for his investment of P200,000. The capital balance of VINCENT after revaluation of assets and admission of GO is
VINCENT and VAN are partners with capital account balances of P120,000 and P180,000, respectively They divide the profits based on their capital balances. The partnership agreed to admit GO as a partner with a 1/3 interest in capital and profits, after an agreed revaluation of the partnership's assets, for his investment of P200,000. The capital balance of VINCENT after revaluation of assets and admission of GO is
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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VINCENT and VAN are partners with capital account balances of P120,000 and P180,000, respectively They divide the profits based on their capital balances. The partnership agreed to admit GO as a partner with a 1/3 interest in capital and profits, after an agreed revaluation of the partnership's assets, for his investment of P200,000. The capital balance of VINCENT after revaluation of assets and admission of GO is
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