Solution-What is the balance of May capital account

What is the balance of May capital account

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Question - The capital account balances for Donald & Hanes LLP on January 1, 2011, were as follows:

Donald, Capital: $200,000

Hanes, Capital: $100,000

Donald and Hanes shared net income and losses in the ratio of 3:2, respectively.

The partners agreed to admit May to the partnership with a 35% interest in partnership capital and net income. May invested $100,000 cash, and no goodwill was recognized. What is the balance of May's capital account after the new partnership?

Reference no: EM133088593

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What is the balance of May capital account

Reference no: EM133088593

Reference no: EM133088593

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