Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. may and jun are partners who have capital balances

May and Jun are partners who have capital balances of P1,000,000 and P800,000 and share...

50.1K

Verified Solution

Question

Accounting

May and Jun are partners who have capital balances of P1,000,000 and P800,000 and share profits 60:40 respectively. They agreed to admit Julie as a partner upon her contribution of P600,000. One-fourth of the capital balances of the old partners were transferred to the new partner Julie with May and Jun dividing the cash between themselves.

How much is the total amount of cash received by May from Julie upon her admission as partner in the partnership?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. AB 99 lists eight qualitative factors that impact the definition of materiality. List all eight...

Accounting
Q

Imagine that you are trying to read a sloppily written number that appears in a friends...

Psychology
Q

Give an example that demonstrates how visuals and nonverbal communications can strengthen communications.

Psychology
Q

Problem 1 You are asked to perform a capacity analysis for the clinic. The current resources of...

General Management
Q

A square of side L 2 is removed from one corner of a square sandwich...

Physics
Q

What is the measure of the arc RU R S 88 30 V 35 Type...

Geometry
Q

1 14 A shuttle bus arrives at minutes to take guests walks out the door...

Geometry
Q

Let f(x) = 4x + 3 and g(x) = 4x2 + 3x. After simplifying,(fg)(x) =

Basic Math
Q

Product X has a standard direct material cost as follows. 10 kg...

Accounting
Q

on December 1, account receivables have a debit balance of $7000, and allowance for bad...

Accounting
Q

ACC 302, easy. Current Attempt in Progress Windsor, Inc. established...

Accounting
Q

The situation where managers may not make decisions that are in the best interests of...

Finance