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Compute capital balances of partner after admission of chris

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Reference no: EM132758206

The Capital accounts of KJ partnership on September 30,2019 were:

Kyle Capital (75% profit ratio) 140,000.00

Justin Capital (25% profit ratio) 60,000.00

Total 200,000.00

The partnership assets and liabilities have book values equal to their fair values. On October 1, 2019, Chris was admitted to a 40% interest in the partnership, when he purchased 40% of each existing partner's capital for P120,000, paid directly to Kyle and Justin.

Problem 1: Compute the capital balances of the partners after the admission of Chris.

Reference no: EM132758206

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