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Question - The capital accounts of the Maniquiz and Montes Partnership on Septermber 30 219 were:
Maniquiz, Capital ( 75% profit percentage) P140,000
Monte, Capital ( 25% profit percentage) 56,000
Total capital 196,000
On Oct. 1, Galang was admitted to a 35% interest in the partnership when he purchased 35% of existing partner's capital for P 100,000 paid directly to Maniquiz and Monte, and Galang after Galang's admission to the partnership.
Required - Determine the capital balance of Maniquiz, Monte and Galang after Galang's admission to the partnership.
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