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Determine each of the partners capital balances

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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.

 

Reference no: EM132856888

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