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What is the capital balance of deo after admission

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Reference no: EM132769697

Problem 1: Ace, Boy and Cid are partners sharing profits in the ratio of 3:3:2. On July 31, their capital balances are as follows: Ace - P700,000, Boy - P500,000, and Cid - P400,000. The partners agree to admit Deo on the following agreement: (a) Deo is to pay Ace P500,000 for ½ interest of Ace's interest; (b) Deo is also to invest P400,000 in the partnership; (c) The total capital of the partnership is to be P2,400,000, of which Deo's interest is to be 25%. What is the capital balance of Deo after his admission?

Reference no: EM132769697

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