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Mr. Jackie Chan and Mr. James Bond are partners who shared profit and losses on an arbitrary ratio of 3:2. Mr. Jet Lee was admitted into the partnership by buying 1/4 and 1/2 of the respective old partners interests in the partnership.
The partners capital balances before the purchase were as follows:
J. Chan 200,000
J. Bond 250,000
Required:
Question 1: Determine each of the partners' capital balances after the admission assuming Jet Lee pays 200,000.
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