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Compute the balance of blueberry after admission of mulberry

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Reference no: EM132815160

Blueberry and Strawberry are partners sharing profits in the ratio of 2:3, respectively. On January 1, Blueberry and Strawberry decided to admit Mulberry as a new partner upon her investment of P24,000. On this date, their interests in the partnership are as follows: Blueberry P27,900 and Strawberry P34,500.

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Problem 1: Assuming that the new partner is given a 1/3 interest in the firm, with bonus being allowed to the new partner, compute the balance of Blueberry after admission of Mulberry.

Reference no: EM132815160

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