Celso, Lino and Noel are partners with capital balances of P180,000, P100,000 and P120,000 respectively. Joel is admitted into the partnership with a one-fourth interest upon payment of P160,000. If the old partners share profits and losses in the ration of 2/5,2/5 and 1/5, then the capital account of Celso after the admission of Joel will show a balance of: a.) P180,000 b.) P160,000 c.) P172,000 d.) P188,000 SHOW COMPLETE SOLUTION

Celso, Lino and Noel are partners with capital balances of P180,000, P100,000 and P120,000 respectively. Joel is admitted into the partnership with a one-fourth interest upon payment of P160,000. If the old partners share profits and losses in the ration of 2/5,2/5 and 1/5, then the capital account of Celso after the admission of Joel will show a balance of: a.) P180,000 b.) P160,000 c.) P172,000 d.) P188,000 SHOW COMPLETE SOLUTION

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 2BCRQ

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