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 profi
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