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Determine capital account balance after admission of cruz

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Reference no: EM132856890

The capital accounts for the partnership of Joselito Villarta and Rene Cason at October 2009 are as follows:

Villarta, Capital 240,000

Cason, Capital 120,000

TOTAL 360,000

The partners shared profits and losses in the ratio of 6:4, respectively.

The partnership is desperately in need of cash and the partners agree to admit Maria Cruz as a partner with 1/3 in the capital and profits and losses upon investment of 30,000.

Required:

Question 1: Determine the Capital Account balance after admission of Cruz

Reference no: EM132856890

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