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Determine the book value of francis and dominic interest

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Reference no: EM132976715

Question - Francis and Dominic are partners who share profits and losses in the ratio of 6:4. On January 1, 2020, their capital accounts are:

Francis 320,000

Dominic 80,000

TOTAL 400,000

John is to be admitted for a 20 percent interest in the partnership by direct purchase from the partners for P120,000.

Required -

Determine the book value of Francis and Dominic interest acquired by John. Francis_________ Dominic_________.

How should the P120,000 cash be divided between Francis and Dominic? Francis_________ Dominic________.

Determine each partner capital balances after the admission of John. Francis_________ Dominic________ John_________.

Reference no: EM132976715

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